
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 look for an accountant who understands the Charities SORP and has experience with restricted funds, Gift Aid and HMRC reporting. It is also important to check that the accountant is regulated by a recognised body such as ACCA, ICAEW or AAT, and that they have worked with organisations of a similar size and purpose.
How can an accountant help with HMRC compliance for a charity?
An accountant can assist with preparing and filing annual returns, claiming Gift Aid, and ensuring that any trading income is correctly reported for Corporation Tax. They can also advise on VAT rules for charities, including partial exemption, and help with payroll for staff and pension contributions, ensuring all HMRC deadlines are met.
What is the difference between an independent examination and a full audit?
An independent examination is a lighter-touch review of a charity's accounts, suitable for most smaller charities, whereas a full audit provides greater assurance and is required for larger charities or those with specific legal triggers. An accountant can advise which level of scrutiny your charity needs based on its income and constitution.
Can a chartered accountant help with Gift Aid claims?
Yes, a chartered accountant can help your charity maximise Gift Aid by ensuring that all eligible donations are correctly recorded and that declarations are in place. They can also assist with submitting claims to HMRC and maintaining the necessary records to support those claims in the event of a compliance check.
How often should a charity review its accounting procedures?
It is advisable to review accounting procedures at least once a year, particularly before the year-end. This helps ensure that internal controls are effective and that the charity is ready for the annual reporting cycle. An accountant can also suggest improvements to financial management, such as budgeting and cash flow forecasting.
Are accountants for charities required to be registered with a professional body?
While there is no legal requirement for all charity accountants to be registered, it is strongly recommended. Registration with a professional body such as ACCA, ICAEW or AAT ensures that the accountant adheres to ethical standards, maintains continuing professional development, and is subject to disciplinary procedures. This provides added protection for your charity.
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