For more information visit us at www.hempsons.co.uk Funding Advice Workers Network Charity Trading 23 November 2010 Catherine Rustomji Head of Third Sector.

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Presentation transcript:

for more information visit us at Funding Advice Workers Network Charity Trading 23 November 2010 Catherine Rustomji Head of Third Sector North, Hempsons

Legal Considerations What is trading? Options to consider Exemptions available Use of trading subsidiaries

Trading What is it? Why does it matter?

Tax Exemptions Primary purpose trading Beneficiaries Small trading - Annual turnover limit - Reasonable expectation - Profits used solely for purposes of the charity

Small Trading – Annual Turnover Limit Total Gross income of charity Maximum permitted sales turnover Under £20,000£5,000 £20,000 to £200,000£25% of total gross income Over £200,000£50,000

Consequences of Trading Loss of charitable status Tax liability Possible breach of trust & personal liability

Trading Subsidiary Wholly owned company Tax Gift Aid Governance & Funding

Governance Directors Trustees Skills-mix Payment Focus

Funding Start up – no assets, no funding Loan Arms-length Motivation Operating capital Isolating risk

Catherine Rustomji