Tax may not immediately spring to mind as a significant issue for social enterprises. But EY’s Tax team recently shared valuable insights on Tax developments affecting social enterprises by hosting a workshop for organisations supported by Social Business Trust (SBT).
Chaired by Julian Broughton, Partner, EY UK Transaction Tax, presenters included Shaun De Boo, Director, Ricky Jenks, Director, Dermot Rafferty, Senior Manager and James Turner, Senior Manager. Together they used their expertise across Corporate Tax, Employment Tax and VAT and applied this to the context in which social enterprises operate.
Julian Broughton said: “Tax is a key consideration for social enterprises, who are frequently operating in a financially challenging environment. It was very satisfying to work directly with social enterprises to share our expertise and help them operate more efficiently.”
Attendees at the workshop were overwhelmingly positive, including Jessica Stoll, Finance Manager at I CAN social enterprise, which helps children with communication difficulties get the support they need to talk and learn. She commented: “Having such knowledgeable presenters who knew our issues really well was incredibly helpful. We are now going to investigate the government’s Making Tax Digital plans in more detail and will also look at some of our employee arrangements following the session.”
Finance specialists from Brightside, The Brilliant Club, Hertfordshire Independent Living Service and Shakespeare Schools Foundation also joined the workshop. As a result of the upbeat feedback, EY’s Tax team now plan to run similar events each year to ensure that social enterprises stay up-to-date.
EY volunteers have given over 10,000 hours of expert advice and support to social enterprises through SBT and their Chair and Managing Partner Steve Varley is on SBT’s Investment Committee.