Charities are being warned not to be caught out by changes brought in by the Charities Commission.
Jones Harris Chartered Accountants says one of the changes affects all charities – others affect those with income over £10,000 who are required to submit annual returns.
Martin Wigley, director of the Fleetwood based firm, said: “The most important change that will affect all charities is the requirement to update changes to registered details online as they occur.
“This includes changes to trustee details and is intended to keep the register accurate on an ongoing basis.”
The annual return must be completed by charities with an annual income of £10,000. Although the process has been streamlined, with 15 questions removed two new requirements have been introduced.
Martin said: “Charities are now required to account separately for income from overseas, and following public concerns, the 2018 return will ask for information about pay to members of staff.”
The new questions surround pay to members of staff include salary, bonuses, pension contributions private health care and other benefits in kind.
Amending accounting processes and packages to show the split of foreign income should be addressed now, if appropriate, as it may take some time to do depending on the circumstances of the charity.
The new questions around pay to members of staff include salary, bonuses, pension contributions, private health care and other benefits in kind.
Information on individuals receiving packages of £60,000 a year upwards will be made public, in a banded style (bands of £10,000 up to £150,000, then in bands of £50,000). For regulatory purposes, charities will also be asked for information about the highest paid employee.