Charities and the Common Reporting Standard: HMRC Talking Points webinar
Susan Cattell highlights an interactive HMRC webinar for charities and their advisers on the Common Reporting Standard (CRS).
The UK implemented the Common Reporting Standard (CRS) regime in the International Tax Compliance Regulations 2015 (SI 2015/878), as part of a drive to tackle international tax evasion through exchange of information between jurisdictions.
There is no exemption from CRS reporting for charities, although not all charities will need to file reports with HMRC.
Charities which do fall within the reporting requirements should have been collecting the necessary data since 1 January 2016 and the first reports (for the calendar year to 31 December 2016) must be filed by 31 May 2017.
HMRC Guidance for Charities
HMRC issued guidance for charities affected in 2016. An earlier article by Donald Drysdale outlined the key points from the guidance, including which charities might need to report and the reportable data.
Many charities will be finding the complexity of the regime challenging and the burden of complying onerous - so as the reporting deadline approaches some may have last-minute questions for HMRC.
HMRC Talking Points webinar on Charities and the CRS
HMRC regularly runs Talking Points webinars which include presentations from HMRC and other relevant experts, and interactive Q&A sessions with participants. With the first reporting deadline for charities imminent there will be a Talking Points devoted to Charities and the CRS on 3 May 2017 at 1pm.
The webinar will cover how the new reporting obligations affect UK charities and will be relevant both to charities and to their advisers. Even if you cannot make the live session it is worth registering because the session will be recorded and a link to the recording will be emailed to those who could not make the live session.
Opportunity to raise questions in advance
Any questions about the CRS regime can be raised during the live session on 3 May but they can also be submitted in advance so that the subject experts running the webinar have time to consider them beforehand.
Any questions should be emailed to HMRC’s agent engagement team prior to the meeting.