Taxation – TC Alexander Sloan Credit Union Services

Budget 2021

Steven Cunningham — Wed, 03 Mar 2021 19:54:31 +0000

Today the Chancellor of the Exchequer, Rishi Sunak, announced his Budget for 2021. The Budget comes as official figures show the UK economy contracted by 9.9% last year and unemployment rose to 5.1% in the quarter to December 2020. There were a number of areas which will have a direct impact on Credit Unions including: Corporation tax …

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Budget 2020

Steven Cunningham — Wed, 11 Mar 2020 22:10:25 +0000

The Budget had some big news for Credit Unions. The Chancellor announced that the Government was bringing forward reforms to the Credit Union Act to allow Credit Unions to offer members a wider range of products and services. The limitations on Credit Union products and services is a major barrier to growth and new legislation …

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Credit Union Tax Misconceptions

Steven Cunningham — Tue, 27 Nov 2018 12:15:06 +0000

This month we have a look at some of the common misconceptions regarding the tax rules for Credit Unions. Question- Credit Unions only pay tax on their bank interest, don’t they? Answer- Unfortunately no. While for many Credit Unions bank interest is their only taxable income; other sources of income may be subject to tax. …

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