Event information
Date: 7th May
Time: 12pm – 12:45pm
Organiser: Culture & Business Scotland
Venue: Online
Cost: Free for C&BS members, £35 + VAT for non-members
In the world of tax, Gift Aid and VAT have a strange relationship.
They are directly connected to each other, but at the same time opposed. The terminology used in each is similar, but with different meaning and implications. This results in confusion, misunderstanding and opportunities being missed.
In this Sector Insight, Culture and Business Scotland will explain how Gift aid and VAT rules apply to cultural bodies, dispel common misunderstandings, and highlight ways to achieve optimum results for both taxes.
They will discuss and highlight the following areas:
- A summary of Gift Aid and VAT rules
- Associated procedures and required evidence
- Examples of how the taxes work with and against each other
- Common areas of concern, retail, memberships, admissions, fundraising events
- The importance of benefits and benefits that can be ignored
- Using the correct language – in type and online
- The VAT liability of income and recovering VAT incurred on expenses