
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More

ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What qualifications should I look for in an accountant for my charity?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications ensure that the accountant has undergone rigorous training and adheres to strict ethical standards. Additionally, they will be up to date with the latest charity accounting regulations, including the Charities SORP, and will be able to provide expert advice on tax matters.
How can a specialist charity accountant help with HMRC compliance?
A specialist charity accountant will ensure that your organisation meets all HMRC requirements, including the correct treatment of Gift Aid, VAT, and Corporation Tax. They will prepare and file your tax returns accurately and on time, helping you avoid penalties. They also provide ongoing advice on tax-efficient ways to structure your activities and fundraising events.
What is the difference between restricted and unrestricted funds?
Restricted funds are donations or grants that must be used for a specific purpose as specified by the donor. Unrestricted funds can be used at the charity’s discretion to cover general running costs. An accountant will help you track and report these funds separately, ensuring that you comply with legal requirements and maintain donor trust.
Can an accountant assist with filing the charity's annual tax return?
Yes, an accountant can prepare and submit the charity’s annual tax return to HMRC. They will ensure that all income and expenditure are correctly reported, and that any tax reliefs or exemptions are claimed. This includes handling Gift Aid claims and ensuring that any trading activities are taxed appropriately.
What is the Charities SORP and why is it important?
The Charities SORP (Statement of Recommended Practice) sets out the accounting framework that charities must follow when preparing their annual accounts. It ensures consistency and transparency in financial reporting. An accountant who specialises in charities will be familiar with the SORP and will prepare accounts that comply with it, which is essential for meeting legal obligations and for providing clear information to stakeholders.
How do I know if my charity needs an independent examination or a full audit?
The requirement depends on your charity’s income and constitution. Charities with an income above a certain threshold, typically £1 million, require a statutory audit, while smaller charities may need an independent examination. An accountant can assess your situation and advise on the correct level of scrutiny, ensuring that you meet all legal requirements without unnecessary expense.
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