Alongside the cuts on beer prices and tax reductions on Bingo, we have noticed a handful of important progressions from the Budget 2014, and have put together a round-up of those that may have an effect on businesses and organisations – particularly charities and further education.
As a result of the recent economic climate, it is essential that constraint on public spending continues for at least twice as long as it already has in order to see significant recovery. For charities, this could mean fewer donations, as this is not a necessity, however with developments on social media and mobile, there is still the opportunity to support non-profit organisations without spending any money.
The Government has also expressed its commitment to supporting and modernising Gift Aid, allowing UK tax paying donors to add Gift Aid when they donate through text, online and mobile. This further emphasises the focus that charities should have towards technological advancements and particularly those that are reliant on donations to allow them to continue the incredible work they do. We created a comprehensive fundraising strategy document for Birmingham Children’s Hospital, including in-depth online and mobile donation implementations, and you can see our case study here.
The confirmation of a 30% tax relief on social investment will also significantly profit those who aim to provide social benefit. This could potentially bring charities and social enterprises millions of pounds in investment, allowing them to develop and continue to support communities.
In relation to further education, small businesses are set to see positive changes, as extended grants are made available, providing positions for 100,000 apprentices and the introduction of degree level apprenticeships. This should result in a noticeable decline in unemployment and will be highly beneficial to those that are not suited to the educational system, but prefer learning with a more ‘hands-on’ approach.
The long-awaited news on energy bills was finally revealed, and businesses with large factories are set to benefit and make savings from the £7 billion package, as bills are frozen and in some cases even reduced. This will allow companies and organisations to use their own budgets more effectively across appropriate departments, to make continuous developments in a fast evolving industry.
As declared at the Autumn Statement 2013, charities are also set to have access to partial relief when purchasing a property with a non-charity. The non-profit organisations will be able to claim relief through stamp duty land tax as a proportion of the purchase attributable to it. Charities will therefore have the option to use these extra funds for campaigns and other relevant purposes.
As a result of the Budget 2014 announcements, there are many advantages to non-profit organisations and higher education. Check out our work in these sectors here.
Posted by: LucyBigCat on