Contact Details IW&I Research Department Guy Ellison Head of UK Equities Telephone: +44 (020) 7597 1234 Email: guy.ellison@investecwin.co.uk Bath 01225 341580 Edinburgh 0131 226 5000 Liverpool 0151 227 2030 Belfast 02890 321002 Exeter 01392 204404 London 020 7597 1234 Birmingham 0121 232 0700 Glasgow 0141 333 9323 Manchester 0161 832 6868 Bournemouth 01202 208100 Guildford 01483 304707 Reigate 01737 224223 Cheltenham 01242 514756 Leeds 0113 245 4488 Sheffield 0114 275 5100 Investec Wealth & Investment Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange and the Investec Group. Please note that the value of investments and the income derived from them may fluctuate and investors may not receive back the amount originally invested. Past performance is not necessarily a guide to the future. Current tax levels and reliefs may change and the investments and investment services referred to may not be suitable for all investors. Investec Wealth & Investment Management Limited is registered in England. Registered No. 2122340. Registered Office: 2 Gresham Street. London. EC2V 7QP
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What’s happening in the world of HR? Adam Flight, Principal Consultant Kingston Smith HR Consultancy
Shared Parental Leave
Issues facing Schools
Social Media in Schools
An ageing workforce
Status of Workers
The Slavery Act
Interesting cases
Cont ontac act t det etail ails Adam Flight Kingston Smith HR Consultancy Tel. 020 7566 7942 aflight@ks.co.uk
Employment Taxes Joanne How, Senior Manager Kingston Smith LLP
Apprenticeship Levy Annual allowance of £15,000 available to all employers so levy of 0.5% applies to employers with an annual pay bill in excess of £3 million The annual bill is based on earnings subject to employer’s Class 1 NICs Connected companies or charities Accessing levy money
Payrolling of benefits Tax benefits through the payroll instead of through P11Ds All benefits can be included except: – Beneficial loans – Accommodation benefit For the 2017/18 tax year, employers must have registered before 6 April 2017 using HMRC’s PAYE Online service Form P11D(b) required to calculate and pay the Class 1A National Insurance
Accommodation What are the issues for schools? Automatic exemptions Day schools HMRC consultation to be published 20 March 2017
Employment Status What are HMRC currently looking at? Who is the contract with? Self-employed worker or employee? Employment status tool on HMRC website From 6 April 2017, off-payroll working in the public sector legislation effective - could be expanded to include the private sector in due course
Other topical issues Salary sacrifice arrangements Abolition of £8,500 P11D exemption Trivial benefits exemption
Cont ontac act t det etail ails Joanne How Kingston Smith LLP Tel. 020 7566 3847 jhow@ks.co.uk
What’s new with VAT? Debbie Jennings, VAT Principal Kingston Smith LLP
Introduction VAT update Top tips and practical hints Questions and discussion opportunities
Topical VAT updates Durham Cathedral: VAT savings Longridge-on-Thames: clarifying VAT reliefs for building projects Overseas Agents and VAT liabilities
Durham Cathedral VAT incurred on works to the grounds HMRC: no VAT recovery, not relating to any “business” Durham: argued that the costs relate to all the activities A matter of interpretation
Durham Cathedral cont. Tax Tribunal supported Durham HMRC’s view too restrictive This decision in line with ECJ decision in “Sveda” Costs an overhead, VAT is partly recoverable
Longridge Charity operating an outdoor centre, providing training/activities Nominal charges made for participation Procured a new building Application of VAT relief?
Longridge cont. VAT relief: if building used for non business purposes Nominal charge: not commercial but has to be paid Court of Appeal: activity carried out permanently for payment Therefore business, therefore building works subject to SR VAT
Overseas Agents and VAT Recent Tribunal decision re overseas agents fees and UK VAT Who is the agent providing his services to: university, student, both? Place of supply: if university, then reverse charge in UK If reverse charge, is any VAT recoverable?
Overseas Agents and VAT cont. Decision: wef January 2010, place of supply is UK Supply is a single supply to the university University does not use the services for taxable supplies HMRC writing to educational bodies who may need to account for RC VAT
Top tips Sports facilities/lettings: Exempt Room hire and residential accommodation: Exempt and SR Partial exemption and VAT recovery methods: still fit for purpose? Keeping up to date
Conclusion VAT is complex and changes Come to events like this to keep up with developments
Cont ontac act t det etail ails Debbie Jennings Kingston Smith LLP Tel. 020 7566 3735 djennings@ks.co.uk
The Future of the Sector Mark Taylor, former Chair of ISBA The King’s School, Canterbury
The King’s School, Canterbury A sector overview
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History The origins of our historically rich School can be traced back to the year 597 AD, when St. Augustine was sent from Rome to evangelise England In 1541 the School was re-founded by Royal Charter under Henry VIII earning its name as The King’s School Situated in the World Heritage Sites of Canterbury Cathedral and St. Augustine’s Abbey, the architecture reflects a respectful mix of old and new, ranging from the 13 th Century Meister Omers House to the 21 st Century New Grange www.kings-school.co.uk 91
Independent Schools: what are the key pressures Importance of non-fee income generation Parental affordability – key research results How is fundraising in the Independent sector and how are schools beginning to react to the additional recruitment pressures The Budget cycle The American model – are there lessons to be learnt? www.kings-school.co.uk 92
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Independent schools Case for change 1. The UK’s independent schools have a long history and the best have a world-wide reputation for excellence. They produce excellent exam results and well-rounded citizens who go on to excel in a variety of fields. 7. We propose to set new benchmarks that 2. However, despite the fact that many of the top public independent schools are expected to meet, in schools began life as foundations for poor, bright pupils, line with their size and capacity. We think it is these same schools are now increasingly out of reach. essential that independent schools deliver Average fees have increased by more than 20% over the these new benchmarks. If they do not, we will last 5 years. At the same time, there has been a 33% consider legislation to ensure that those increase since 2008 of non-British students with overseas independent schools that do not observe these parents attending these schools. 6 new benchmarks cannot enjoy the benefits 3. Recognising this, many public schools offer associated with charitable status, and to result 6. About half of the schools in the sector (c.1,300) are scholarships and bursaries to enable pupils from ordinary in the Charity Commission revising its formal registered as charities. Schools with charitable status, like backgrounds to attend. But there is much more they guidance to independent schools on how to other charities, must demonstrate that they meet Charity should be doing so that children from a much wider meet the public benefit test, putting the new Commission ‘public benefit’ rules – that is to say they benefit a variety of backgrounds truly benefit from the excellent benchmarks on to a statutory footing. reasonably wide section of the public rather than a narrow education they can deliver. group of individuals. The most common way in which this is 4. Many of these schools enjoy charitable status, and the done is through the use of funds to give bursaries and fee associated advantages including relief from business discounts. rates. We believe independent schools could and should do more as a condition of these benefits and their privileged position. We want to see them doing more to increase the number of good and outstanding school places in the state system and to give more ordinary students access to the education they deliver. 5. Our proposals will ensure that independent schools are doing more to benefit ordinary families, particularly those who are just about managing. These families cannot afford independent school fees but are also often earning enough not to be eligible for direct state support. The quality of their local school is important to them. We are asking independent schools to spread their expertise through the state system to benefit families like these, by setting an expectation that the best independent schools www.kings-school.co.uk 94 sponsor state schools and offer funded places.
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Challenges for the sector Non fee Affordability income Insur Expenditure e generatio Foo NI TP Pa d C S y Staff Costs n VA T Tpt Fue Bld l gs
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