Festivals Toolkit: Financial Planning: Tax and Further Reading

Tax Issues: VAT
Registered for VAT? Most businesses with an annual turnover of £64,000 should be. If the turnover of your festival reaches this then you should be too. Contact your local Customs and Excise team on Freephone 0800 595 000. (Note: most charities that are funded mainly by grants do not need to be registered but do check up on this too.)

Visit HM Revenue & Customs website for further information on VAT.

Further Reading
SAM’s books has a good selection of books on financial management and accounting suitable for those working in the voluntary sector.

A Practical Guide to Financial Management for Charities and Voluntary Organisations
by Kate Sayer Pub: Directory of Social Change 2nd Edition 2002 £14.95 [£18.25 inc p&p] ISBN 1903991293
An excellent book - well written and accessible. The three sections cover Financial Management and Planning, Accounts and Audit, Tax and VAT. There is the planning cycle, decision-making using financial information, cost centres and expenditure, cashflow forecasts, budget comparisons, financial controls and managing risk, internal audit, accounting basics, cashbooks and bank reconciliations, SORP requirements, balance sheet, computerisation, charity trading, VAT, tax effective giving, and more.

Charity Treasurer’s Handbook
By Gareth G Morgan
Pub: DSC 2002 ISBN 1 900360 89 6 £9.95 [£12.79 inc p&p]
This introduces finance management in the charitable sector for those without formal accountancy training, or those whose knowledge of finance is from the private sector. It is a clear accessible guide that provides an overview of the issues involved, and should be invaluable to arts managers, Local Authority and Arts Council officers and Board Members on Finance Sub-Committees or in the role of Treasurer.

A Practical Guide to Charity Accounting: Preparing Charity SORP Accounts
By Kate Sayer
Pub DSC 2002 ISBN 1903991 21 8 £14.95 [£18.04 inc p&p]
A new book that demystifies charity accounting, using lively case studies and sample accounts. It explains why charity accounting is different from commercial accounting, and has a useful glossary of terms. It covers what should be included in an Annual Report, performance measurement, risk management, reserves policies, investment policy, restricted funds, allocating costs and tangible fixed assets.

A Practical Guide to VAT for charities and voluntary organisations
By Kate Sayer
Pub DSC 2nd Edition 2001 ISBN 1 900360 62 4 £12.95 [£15.91 inc p&p]

Voluntary but not Amateur
by Jacki Reason and Ruth Hayes
Pub: LVSC 7th edition 2004 [£29.03 inc p&p] ISBN 1872558232X
One chapter of this book covers finances and keeping accounts and is an excellent introduction to the topic. This is the companion volume to Just About Managing. A clear, concise guide to the major legal aspects of running a smaller voluntary organisation.

Just About Managing? Effective management for voluntary organisations and community groups
by Sandy Adirondack 2006 (4th ed.) London: London Voluntary Service Council

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