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CFG calls for Emergency Support Package at the upcoming budget
Charity Finance Group’s Policy Manager Richard Sagar shares his insights on the latest sector updates you need to know, and how CFG is working to support members at this crucial time.
Civil society leaders are once again calling on government to develop an emergency support package for the not-for-profit, charity and social enterprise sector. Ahead of the government’s Budget statement in March, charity leaders are urging Rishi Sunak to urgently work with them to develop a package of financial support for #NeverMoreNeeded non-profit organisations.
As well as asking for an emergency support package, our budget representation also reiterates the sector’s Five Point Plan which sets out specific measures as to how the government can support civil society in the medium and longer-term.
Our full submission can be found here- https://www.cfg.org.uk/userfiles/Joint%20charity%20sector%20bodies%20submission%20to%20Budget%202021.pdf
What does the new Brexit trade and co-operation agreement mean for your organisation?
To help you navigate what the EU Trade and Cooperation agreement might mean for your organisation, CFG has drawn out the key areas of interest to civil society organisations, and how you should continue to prepare now that we have left the EU. We also include a number of areas where we are seeking to amend current rules to benefit out sector, which is due to our departure from the EU. These include; reducing irrecoverable VAT, Reforming State Aid and the United Kingdom Shared Prosperity Fund.
To read more about this and our other work on Brexit please look at our dedicated webpage –https://www.cfg.org.uk/brexit
You can also read the following blog on this topic from CFG CEO Caron Bradshaw here – https://www.cfg.org.uk/brexit_and_beyond_civil_society_must_keep_pushing_on_what_matters
Subsidy control: designing a new approach for the UK
The government has released a consultation into a New Subsidy control framework for the UK. This is of interest, because CFG has long argued that our departure from the EU, would provide an opportunity to rethink current State Aid rules and allow additional support for charities where appropriate. CFG alongside sector partners will respond to the consultation, so if your organisation would like to feed into our response, please do contact us on email@example.com
Dormant assets released
The government has announced that dormant assets across the insurance and pensions, investment, wealth management, and securities sectors are set to be unlocked, with the potential for more than £800 million to be made available to support the UK as it recovers from the coronavirus pandemic.
We are calling on the government to use this next wave of dormant assets to create a permanent multi-billion pound national endowment for the most deprived communities that, even before Covid-19, did not benefit from Britain’s wider economic prosperity. With that in mind, we have supported the Community Wealth Fund Alliance campaign. https://localtrust.org.uk/policy/community-wealth-fund-alliance/
Making Tax Digital- Digital Links
The digital links requirement of Making Tax Digital for VAT will come into force in April 2021. So that for “VAT periods starting on or after 1 April 2021 your systems must use digital links for any transfer or exchange of data between software programs, products or applications used as functional compatible software, as stipulated in legislation.” If you think it applies to your organisation please refer to Section 4.2.1 of VAT Notice 700/22: Making Tax Digital for VAT which provides examples of digital links and a further explanation of the requirements.
Charity Finance Group is a charity and membership organisation with a vision to inspire a financially confident, dynamic and trustworthy sector, helping finance managers in charities and non-profits to feel supported and skilled in their roles. AIM members can join CFG and access membership benefits for FREE – available to the whole of your organisation from your trustees to your finance team. Join up now at cfg.org.uk/aim