Hamilton PSA is now a registered charity. It is registered with the Charity Commission for England and Wales, the Regulator for charities. It has a registered charity number: 1123073. This is exciting news since it brings many advantages to the PSA.
These include:
- trust: any registered charity has to be run to strict guidelines, has to publish an annual report and accounts, and is therefore publicly accountable.
- tax benefits: it does not have to pay income/corporation tax (in the case of some types of income), capital gains tax or stamp duty. Gifts to charities are free of inheritance tax.
- VAT benefits: charities can receive special VAT treatment in some circumstances. For example, they don’t have to pay VAT on advertisements.
- fundraising: charities can receive grants from grant-making trusts and government departments, and can claim tax back on many types of donation through Gift Aid. They can also receive regular donations by payroll giving.
This is a major opportunity for the PSA to increase its fundraising so expect to hear more about these opportunities here.
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