It is in human nature that when we face challenges in our individual or organisational life we reach out for support. Problems can be solved, and risk diminished when we pool our expertise, energy, and insight. This is equally true for nonprofit organisations which unless underpinned by major sources of funding, may struggle to balance resources with their ability to deliver their planned impact.

The new rules will not change the accounting period of the business, however the tax position will move from a current year basis to a tax year basis. This will mean that  business profits will be calculated for the tax year rather than for the period of account ending in the tax year. 

The basis period rules for unincorporated businesses are being changed from the 6 April 2024, with a transitional year of the 2023/24 tax year.

Since 6 April 2016, individual partners have had to make their own Gift Aid declarations when a partnership makes a donation to a charity or CASC. This reflects the correct legal position that each partner has made a donation. Each partner’s Gift Aid declaration must contain their name and full home address and be given to the charity or CASC.