
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 should a charity look for in an accountant?
A charity should seek an accountant who is a qualified member of a recognised body such as ACCA, ICAEW, or AAT. They should have specific experience with the charity sector, including knowledge of the Charity Commission’s Statement of Recommended Practice (SORP), Gift Aid, and VAT rules for charities. This ensures compliance and effective financial management.
How can an accountant help with HMRC requirements for a charity?
An accountant can assist with preparing and submitting annual tax returns to HMRC, managing PAYE for staff, and ensuring correct treatment of Gift Aid. They can also advise on VAT registration and exemptions, and help with Corporation Tax if your charity has trading income. Their expertise ensures your charity meets all legal obligations.
What are the benefits of using an ACCA or ICAEW qualified accountant?
Accountants who are members of ACCA or ICAEW have undergone rigorous training and are bound by strict ethical and professional standards. They are required to maintain their knowledge through continuing professional development, ensuring they stay up-to-date with the latest legislation and best practices. This provides assurance of high-quality, reliable advice for your charity.
Can an accountant help with a charity's annual accounts and reporting?
Yes, an accountant can prepare your charity’s annual accounts in accordance with the Charities SORP, ensuring they meet the legal requirements for your charity’s size and income. They can also help with the independent examination or audit process, and provide clear financial statements that are transparent to donors and the public.
How often should a charity review its accounting arrangements?
It is advisable to review your accounting arrangements annually, or whenever there is a significant change in your charity’s income, structure, or activities. This ensures that your accountant remains the right fit and that your financial systems are robust. Regular reviews can identify potential issues early and help you plan for the future.
What is Gift Aid and how does an accountant assist with it?
Gift Aid is a scheme that allows charities to reclaim basic rate tax on donations from UK taxpayers, increasing the value of the gift. An accountant can help you set up the necessary processes, ensure you have valid declarations, and calculate the amount to claim from HMRC. They can also advise on record-keeping and compliance.
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