BDO - Financial Advice

Scottish Gymnastics has been working with BDO for the past five of years providing our member clubs with specialised financial guidance and advice. They are passionate about supporting gymnastics clubs in Scotland and have committed to special pricing as part of the partnership.

Over the coming months we will be releasing a series of bulletins advising clubs on key financial areas. We’re also delighted to have workshops to bring the subjects to life and allow you to ask the experts in the room. The first two areas we’re focussing on are employment status and gift aid:

Employment Status – It’s not a matter of choice

Determining the employment status of an individual is not a matter of choice. Over the years, this has been both a lucrative source of underpaid tax/NIC during HMRC compliance visits and an area of increased focus. It’s important to ensure that you take the right approach.

In employment law, a person’s employment status helps to determine both their rights and their employer’s responsibilities. The main types of employment status are:

·         Worker

·         Employee

·         Self-employed and contractor

·         Director

·         Office Holder

Taking on a new self-employed coach may seem like the ideal way to take the club forward, but care must be exercised when looking at how they are to be integrated within the club.

Whilst it would be expected that a contract is signed between the parties, HMRC would look to see what degree of ‘direction, supervision and control’ is within the contract, as a genuinely self-employed person would normally be their own boss.

In addition, simple little things like supplying a coach with logoed tracksuits and polo shirts may look good, but HMRC can use this to suggest that they are part and parcel of the club and not truly independent. Even assisting coaches with obtaining additional qualifications could come back to haunt you, as HMRC would expect a self-employed individual to incur their own costs in keeping themselves qualified and up to date.

To find out a bit more click here to view our BDO Bulletin on the subject.

 

Upcoming events 

Employment Status workshop | Dakota Hotel | South Queensferry | 11 March 2020 | 6-8pm

If you would like to attend a workshop, email development@scottishgymnastics.org stating which date you'd like to book, or text/call 07500 049 602.

 

Gift Aid – Don’t miss out if you’re a charity 

Did you know that clubs can claim gift aid on eligible donations which can include membership fees and obtain repayments from HM Revenue & Customs of 25p for every £1 donated? This can then be used to fund expenditure which you previously thought was out with your reach. It is not often you get something for nothing nor indeed that government organisations actively want you to claim it but that is exactly what you have with gift aid.

HM Revenue & Customs announced in March 2018 that they believed charities under claimed gift aid to the tune of £600m every year and suggested that clubs should be reviewing their income streams to make sure they do not lose out on money they can

rightly claim. 

Whilst there are certain criteria that must be fulfilled the core objectives of most clubs allows the tax professionals at BDO to undertake a full review of accounts and give their findings which will allow the Clubs to make repayment claims in confidence. 

In addition, Clubs that have charitable status can review past claims, in some instances for 4 years, to ensure sufficient claims have been made.

To find out a bit more click here to view our BDO Bulletin on the subject. 

 

Upcoming events 

Gift Aid workshop | Aberdeen Sports Village | Aberdeen | 17 March 2020 | 6-8pm

If you would like to attend the gift aid workshop, email development@scottishgymnastics.org or text/call 07500 049 602.

 

Keep an eye on our development calendar for additional events in the future.

 

Special pricing for Scottish Gymnastics member clubs 

Limited Company

Charity

Unincorporated Association 

 

Contact BDO Accountants:

Mike Hepburn

Michael.Hepburn@bdo.co.uk

t: 0131 347 0347

 

Contact Scottish Gymnastics:

Chris Lumsden

Club Business Manager

chris.lumsden@scottishgymnastics.org

m: 07500 049 602