Differences
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| Both sides previous revision Previous revision Next revision | Previous revision | ||
| governance:meetings:2025:q4 [2025/09/11 15:18] – felix | governance:meetings:2025:q4 [2025/09/11 16:29] (current) – felix | ||
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| === Context === | === Context === | ||
| The threshold for VAT registration is currently £90,000 taxable turnover in any rolling 12 month period. As we expand into upstairs and (hopefully) take on some new members to cover the cost of this improvement, | The threshold for VAT registration is currently £90,000 taxable turnover in any rolling 12 month period. As we expand into upstairs and (hopefully) take on some new members to cover the cost of this improvement, | ||
| - | Should we be forced to register we would take on a significant admin burden and either have to take a 20% reduction in income (which we cannot afford), or pass this along and increase membership costs (which we don't want to do). Should we cross this threshold accidentally without registering there are a substantial financial penalties - as happened to Nottinghack. | + | Should we be forced to register we would take on a significant admin burden and either have to take a 20% reduction in income (which we cannot afford), or pass this along and increase membership costs (which we don't want to do). Should we cross this threshold accidentally without registering there are substantial financial penalties - as happened to Nottinghack. |
| === How this change helps === | === How this change helps === | ||
| Line 38: | Line 38: | ||
| As previously mentioned Nottinghack have already encountered this issue, and hired a VAT specialist who recommended the £5 minimum. This was then clearly accepted by HMRC, as they stopped fining them! Conveniently for us, we are now able to point to that precedent. | As previously mentioned Nottinghack have already encountered this issue, and hired a VAT specialist who recommended the £5 minimum. This was then clearly accepted by HMRC, as they stopped fining them! Conveniently for us, we are now able to point to that precedent. | ||
| + | |||
| + | === Timeline === | ||
| + | Proposing deadline of Feb 1st 2026 (3 full calendar months time) to allow for several email reminders. | ||
| === If this passes, what do I need to do? === | === If this passes, what do I need to do? === | ||
| If you: | If you: | ||
| * Currently pay £5 or more by Direct Debit – Nothing! But consider reviewing the amount of your Direct Debit if your financial circumstances have changed. | * Currently pay £5 or more by Direct Debit – Nothing! But consider reviewing the amount of your Direct Debit if your financial circumstances have changed. | ||
| - | * Currently pay less than £5 by any method – Move to one of our Direct Debit options. | + | * Currently pay less than £5 by any method – Move to one of our Direct Debit options |
| - | * Currently pay by standing order – Move to one of our Direct Debit options OR continue to pay a standing order as a donation to the space, but be aware this will no longer count towards membership. | + | * Currently pay any amount |
| - | + | ||
| - | === Timeline === | + | |
| - | Proposing 3 months to allow for several email reminders. | + | |
| === Direct Debit options === | === Direct Debit options === | ||