BDO UK LLP’s Post

We have a short update on our website about the upcoming changes to the taxation of charities being introduced as part of the Finance Act, 2024. Click blow to have a read!

As an estate planner, I often get asked about smart ways to give to charity, especially considering estate and income tax savings. I discuss various strategies in my article. Some of the options may surprise you. https://lnkd.in/gt35kfVc If you have questions about these options, please contact me. #sanluisobispo #slocounty #estateplanning #trustlaw

A big thank you to Fraser and Fraser and Hannah Rodgers for a thorough and practical exploration of problematic estates in today's webinar🙏 The session delved into the case of Mrs Jones, who made a will the day before she passed away, appointing two friends and leaving everything to charity. The friends' desire to enter into a Deed of Variation to benefit themselves created a significant conflict of interest, and covered what to do when you have: ⚖ Conflicted PRs – when is the time to appoint an independent administrator? Should the PRs be removed? ❌ Faulty will drafting – Has capacity been considered? What happens if a charity beneficiary ceases to exist? 🤝 Conflicted beneficiaries – If a Deed of Variation is entered into by the PRs, what steps should be taken to ensure the estate is administered for the benefit of ALL beneficiaries? 💷 Financial concerns – How do you identify estate assets if the PRs have limited knowledge? What steps can a PR take before they are considered to have intermeddled? So much food for thought... 💭👏 #EstateAdministration #WillDrafting #Webinar #ProbateLawyer

One of the core statutory objectives of the Charity Commission for England and Wales is to increase public trust and confidence in charities, and its regulatory priorities are often driven by the issues that matter most to the public. This can be seen acutely in the context of statutory inquiries and trustee disqualification cases. Research shows that the public care most about how charities spend their funds and this is borne out in the stories that tend to hit the headlines. Media coverage of the Captain Tom Foundation inquiry alone illustrates how damaging it can be if there is a perception of personal benefit at the expense of charitable impact. A lack of understanding by charity trustees about how to manage situations where their personal interests might conflict in some way with the interests of their charity is a very common issue in regulatory cases. So, is the Charity Commission doing enough to educate and support trustees to avoid finding themselves (and their charities) in the spotlight for all the wrong reasons? Read more on this in my article (link below) first published by New Law Journal and now available on our website. #charities #charitylaw #charitytrusteedisqualification

Have you seen our latest newswire? This month, we are sharing news of our charity skydive, as well as looking at upcoming changes to your payroll responsibilities and reminders for P11Ds! Read more: https://bit.ly/3yoWEAI #P11D #AccountingNews #BusinessTips

As year-end approaches, consider gifting appreciated securities as a smart way to give back while reducing your tax bill! Whether supporting your favorite charity or your church, this strategy could make a meaningful difference for both you and the cause you care about. Check out the link below to learn more. https://lnkd.in/ghBwYXge #charitablegiving #NorthTexasGivingDay2024 #finance #wealthmanagement #taxplanning

Opponents of the IRS proposal on donor-advised funds want the agency to withdraw and propose the rules again. Here's why the regulations are so controversial for community foundations and practitioners: #tax #daf #donoradvisedfund #charities https://lnkd.in/eSTQcQpt

You know those 'first month free' subscription services you sign up for, never end up using and then forget to cancel? Here's your friendly reminder to check your bank statement and do a stocktake of whether you actually need each and every one of these subscriptions. Even a $30 subscription is $360 over the course of a year, and it makes sense you'd keep this money in your business, rather than donate it to someone else's. When deciding what to keep and what to cancel, ask yourself: ▪️Are we using the service every month? ▪️Is it paying for itself in time-savings? https://bit.ly/43EbsXo 0452391592 #smallbusiness #mortgagebroking #accountants #financialplanners #perth #leederville #homeloans #carloans #personalloans #equipmentfinance #businessloans #debtconsolidation #smsfloans

Did you know that giving back can also give you a break on your taxes? 💸 By donating to a qualified foundation or charity, you can reduce your taxable income, which in turn can lower your overall tax bill. It’s a win-win! 🎉 Not only are you supporting a cause that matters, but you’re also being smart about your finances. Example Calculation: If you donate $1,000 to a qualified charity and your tax rate is 22%, you could save $220 on your taxes. Giving back feels great, and so does paying less in taxes! What cause will you support this year? 🌟 #GiveBackAndSave #TaxSmart #SmallBizSupport #EmeraldExpectations #EntrepreneurLife #BusinessGrowth #FinancialGoals #EmeraldExpectationsAccounting #YourBizIsAGem #VirtualBookkeeping #Bookkeeping #CFO #TaxAdvisory #Accounting #TaxProfessional #TaxSavingsTips #FinancialAdvisory #TaxStrategy

There is an estate plan already in place for everyone. If we do nothing to put our own estate plan in place, one will be appointed to us. Your state has procedures in place to deal with how property is distributed when you die. It may not be what you prefer, and in some cases (no surviving heirs) the state will take ownership. “Well, I don’t own a whole lot and my house isn’t paid off.” Do you have equity in your home? Would you like that equity to be given to the state in which you live? Would you rather it go to your children, or a charity, or any other specific place? Make a plan. Work on setting up legal documents with instructions for what to do with your assets. Otherwise you’re stuck with what your State prefers. #EstatePlan #CommunityProperty #Intestate #Assets #BulletproofBusinessOwners