Welcome to the Autumn 2024 edition of our briefing for Professional Institutes and Membership Bodies (PIMBs).
We are delighted to share with you the Autumn 2024 edition of our Professional Institutes and Membership Bodies briefing. To begin, Elena Ramkalawon, Partner and Head of Outsourcing, and Dominic Noakes, Director, share their view on the strategic advantage of outsourcing financial leadership roles. Membership bodies are often faced with challenges with resourcing and securing expertise. They share some of the benefits of outsourcing and how it can support your organisation.
Co-editor, Stephen Patey, Senior Manager, goes into detail on VAT on training courses and other electronically supplied services for membership bodies. There can often be uncertainties around whether or not VAT should be applicable, and the key question comes down to, is there human intervention for the training? Stephen goes into details on why this question matters, identifying where your members are located, and how you could potentially convert an electronic supplied service into a supply of education.
On 10 September 2024, the Financial Reporting Council (FRC) published a new edition of FRS102 which is effective for accounting periods beginning on or after 1 January 2026. Tom Brain, Director, shares what this new standard involves, and more importantly, what it will mean for membership bodies. From looking at revenue from contracts with customers, to the impact and timing of the Charity SORP, this article highlights areas where organisations will need to start gathering new information for reporting purposes.
Now more than ever, professional institutes rely significantly on technology to manage vast amounts of sensitive data, facilitate operations, and engage with their members. Head of Risk, Assurances and Advisory Services, Rakesh Vaitha, shares some useful insights into IT controls to include Protecting confidential member information, supporting operational efficiency, and managing and maintaining reputation and member trust.
Co-editor Jamie Whale, shares some pitfalls organisations should look out for regarding Corporation Tax, providing a reminder of the complexities that organisations face when reviewing their trading activities and identifying taxable activity. He goes on to share what organisations should keep at the forefront of their mind, followed by sharing some of the latest development we are seeing across the sector.
Finally, Nick Bustin, Employment Tax Director, reflects on the Supreme Court ruling on Professional Game Match Officials. In his article, Nick shares his views and key considerations which may have a bearing on how many professional bodies engage with any off-payroll workers, emphasising the importance that all policies, procedures, contracts and other arrangement should be reviewed in full.
We hope you enjoy this edition and find these articles of interest. Do feel free to let the articles’ authors, ourselves, or your regular contact know if you have any questions concerning the matters discussed. We would welcome any feedback on this Professional Institutes and Membership Bodies Briefing and, in particular, any topics you would like us to consider for future editions.
