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 when choosing an accountant in Farnham Surrey?
When selecting an accountant for your charity, it is important to find someone who has experience with the Charities Act and SORP accounting. Look for qualifications from bodies such as ACCA, ICAEW, or AAT, as these indicate a high level of professional competence. The accountant should also be familiar with HMRC requirements, including Gift Aid and VAT for charities. A good specialist will help you manage restricted funds correctly and prepare accurate annual reports.
How can an accountant help with Gift Aid claims?
An accountant who specialises in charities can ensure that your Gift Aid claims are accurate and fully compliant with HMRC rules. They will help you maintain the necessary records for each donation, calculate the correct amount to claim, and submit the claim to HMRC in the proper format. This can significantly increase your charity's income without extra effort from your supporters, and it reduces the risk of penalties from incorrect claims.
Are all accountants on AccountingFirms regulated by professional bodies?
Yes, the professionals listed on AccountingFirms are verified and regulated by recognised bodies such as ACCA, ICAEW, or AAT. This means they adhere to strict ethical and professional standards, including continuing professional development and adherence to technical guidelines. When you connect with an accountant through the directory, you can be confident that they are qualified to handle your charity's financial matters with expertise and integrity.
What is the difference between an audit and an independent examination for a charity?
An audit is a formal, detailed review of a charity's financial statements, required for larger charities or those with a high income. An independent examination is a lighter-touch review, suitable for smaller charities, where an independent person checks the accounts for obvious errors or concerns. A qualified accountant can advise which is necessary for your organisation and can carry out either role, ensuring compliance with legal requirements.
Can an accountant help with Corporation Tax for a charity?
Charities are generally exempt from Corporation Tax on income used for charitable purposes, but there are exceptions, such as trading income that is not considered primary purpose trading. An accountant can help you determine if any of your activities are taxable and ensure you complete the correct HMRC returns. They will also assist with claiming tax relief where applicable and keeping your records in order to avoid any compliance issues.
How often should a charity review its financial arrangements with an accountant?
It is advisable to have a formal review at least once a year, ideally before the end of your financial year, to plan for the upcoming reporting period. Regular communication throughout the year is also beneficial, especially if your charity experiences significant changes such as new funding streams, major expenditures, or changes in legislation. An ongoing relationship with an accountant ensures that you remain compliant and financially healthy.
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