Student Loan Repayment Plans

Student-LoansPlan types

With effect from the 2016 to 2017 tax year there are 2 plan types for student loan repayments:

  • plan 1 with a 2016 to 2017 threshold of £17,495 (£1,457 a month or £336 per week)
  • plan 2 with a 2016 to 2017 threshold of £21,000 (£1750 a month or £403 per week)

If you are unsure which plan to use, it is easy to find out by filling in the online survey here

More guidance for employers can be found here

Closing a Charity – The Law

charity_2232731kClosing a Charity – The Law

Charities can close for a number of reasons, such as:

  • a merger with another charity
  • the original purpose has been met or is no longer relevant, for example treating a disease that has since been eradicated in the area the charity serves
  • losing funds or funding
  • a lack of members
  • becoming a company or charitable incorporated organisation (CIO), which means creating a separate charity

If you do decide to close your charity, you’ll need to tell the Charity Commission if it is a Registered Charity, and clear all its debts and liabilities before you spend its remaining assets on your charity’s purposes. This will include checking if you have any:

  • unspent grant money – if so, check if there is any specific agreement with the grantmaker about what to do with it where you are closing the charity
  • money from fundraising appeals that haven’t reached their target – if so, check the commission’s guidance on failed appeals to see if you need to return any donations to donors

Further detailed guidance can be found here: https://www.gov.uk/guidance/how-to-close-a-charity

Charitable Incorporated Organiations – CIOs

http://www.taylorbracewell.co.uk/cms/img_articles/charities1.jpegThe Charitable Incorporated Organisation – CIO –  is a relatively new form of incorporated legal structure that is designed to meet the particular needs of a charity and is only available to charities.  A CIO is a corporate body which is not a company incorporated under the Companies Acts; it is therefore not subject to company regulation. Neither its existence nor any charges it creates have to be registered at Companies House.

The corporate structure provided by the CIO meets a demand from the charitable sector for a structure which gives a charity a legal personality of its own, enabling it to conduct business in its own name, rather than in the names of its trustees.

More information can be found on the Government website: https://www.gov.uk/guidance/charity-types-how-to-choose-a-structure