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| 9 Mar 2023 | |
| Charity Sector News |
We attended a meeting this week with our colleagues in the Wheel and Revenue officials to review the operation of these two schemes.
The renewal methods for the CHY3/4 Forms were discussed and we are pleased to report that Revenue will accept paper, telephone and digital processes as valid renewal methods.
Charities should ensure that they can make a donor’s renewal form available to Revenue on request and to be mindful of GDPR standards to protect donor’s information at all times.
Revenue also asked for charities to submit their VAT compensation claims well in advance of the June deadline – surprisingly, almost 70% of claims are only submitted in the final week!
Early submissions mean that queries can be dealt with well ahead of the deadline and refunds can also be paid earlier for everyone.
In 2022, the total value of claims was €31m, although the scheme is capped at €5m, resulting in an average refund of c. 16% of a charity’s qualifying VAT bill.
We will be pressing Government again in our Budget 2024 submission for a significant increase in the allowance for this important scheme, as VAT is an actual cost for most charities and can undermine their financial stability.
