Leading Tees Valley firm of accountants and business advisers, Waltons Clark Whitehill, has warned local community amateur sports clubs that they could lose out on thousands of pounds of rate relief and tax reliefs, including gift aid, if they don’t follow new CASC rules by April.
Community Amateur Sports Clubs (CASCs) that registered with HMRC before April 2015 have until April 1st 2016 to ensure they are compliant with new rules. Clubs registered as CASCs should already have been contacted by HMRC about the new rules.
There are over six and a half thousand sports clubs registered as CASCs across the UK, who have saved over £180 million through the scheme, in gift aid, rate relief, and corporation tax benefits.
Heather O’Driscoll, Managing Director of Waltons Clark Whitehill, who has been advising club’s on the changes they need to make to ensure they comply, said: “All registered clubs should have been contacted by HMRC about this, it’s absolutely essential that they act now, if they haven’t already, to make sure they don’t miss business rate relief, gift aid, and the other benefits of CASC status.
“They should speak to their professional advisers immediately, or contact me directly. Whilst the scheme is not suitable for all amateur sports clubs, there advantages of it are certainly worth exploring.”