Kirsty Murray, Partner at AIM Associate Supplier Azets introduces the support they offer museums.

We are delighted to be sponsoring this year’s AIM conference and look forward to meeting you all in Edinburgh. With more than 3,500 specialists across 165 offices in the UK, we offer a personal, local approach to accounting and business advisory services. If you are looking for peace of mind and expert support, we are ready to help.

Culture is one of the most diverse, dynamic, and important sectors in the UK economy. It is also one of the toughest and most unpredictable. We assist museums of all sizes as well as galleries, artists, actors, musicians, theatres, producers and production companies. We provide strategic advice on business structuring and tax planning, together with day-to-day support on VAT and tax compliance.

Tax can be confusing and is often overlooked, however it is one of our most accessed services by the Culture sector. Our specialist team of tax consultants work with museums to provide assurance and proactive support on VAT, MGETR, Employment tax, R&D tax credits and corporation tax. We always consider the wider tax position and make sure that our assistance is understandable and practical.

We work with museums on topics including:

• Maximising MGETR claims –The Chancellor has temporarily extended the increased rates for Museums and Galleries Exhibition Tax Relief for 2 years until 1 April 2025. This is a temporary measure to continue to offset current pressures on these industries and boost investment in our cultural sectors.
• Confirming the tax status of income and activities and the need for subsidiary trading companies. Is a subsidiary really required? Is it the most tax efficient and practical arrangement for you?
• Confirming the employment tax status of volunteers and consultants and benefits given to staff.
• Are you correctly accounting for VAT on grant funding and online activities? Are you providing a service, and could this improve your recovery of VAT?
• The impact of tax on free of charge, in kind and barter arrangements – frequently ignored but they can be used to increase VAT recovery.
• VAT and Duty on the import and export of exhibitions – are simplifications or exemptions available?
• Maximising and monitoring the recovery of VAT on construction and renovation works.
• Ensuring the VAT and gift aid position of membership schemes and sponsorship arrangements are effective.
• Fundraising schemes – maximising income by applying the best tax position.

We will provide an update on all taxes at the conference and will be there in person to answer any specific questions you may have.

If you would like more information on any of the points noted above, or would like to arrange a free, one-to-one meeting at the conference please contact Kirsty Murray on 0131 473 3500 or email at Kirsty.murray@azets.co.uk

Kirsty Murray is also hosting  free webinar for AIM members on 28 June to share a MGETR update and VAT tips. AIM members can book their free place now – click here to book>>