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| IoM Charity Reporting Requirements Change |
by Jason Gorringe, Tax-News.com, London
Friday, August 26, 2011
The government of Isle of Man has reminded Manx-registered charities of new
income thresholds, in place since August 1, 2011, that may require them to have
their accounts independently examined or audited.
At its July sitting the island's legislative assembly, the Tynwald approved an Order which introduces
new thresholds which apply for any accounts covering a period beginning on or after August
1, 2011; consequently any donations made by the public to a Manx charity from
this time may be subject to the new regulations.
Not all charities will be able to take full advantage of the new thresholds
as some have their own rules or governing documents that say that their accounts
must be audited, and these must be followed even if the charity’s income
is below the statutory threshold.
According to the Order, the new thresholds are as follows:
- Where gross income is GBP25,000 or below there is no need for examination
or audit, but the charity must prepare annual accounts and file them for public
inspection at the General Registry within six months of the year end;
- Where gross income exceeds GBP25,000 but is below GBP250,000 accounts must
either be independently examined or audited and then filed as above; and,
- Where gross income exceeds GBP250,000 accounts must be audited and then
filed as above.
The old thresholds were GBP5,000 and GBP100,000, respectively.
.
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