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 Gloucestershire?
When selecting an accountant for your charity in Gloucestershire, look for someone with specific experience in the charitable sector. They should understand the Charity Commission’s SORP, be familiar with restricted fund accounting, and ideally hold a qualification from ACCA, ICAEW, or AAT. Check that they are registered with a recognised professional body and have a track record of preparing accounts for charities of a similar size to yours.
How can a charity accountant help with HMRC compliance?
A specialist charity accountant can help your organisation meet HMRC compliance requirements, including filing annual returns, managing payroll under Real Time Information, and dealing with Gift Aid claims. They will ensure that your charity’s tax affairs are in order, advise on any taxable trading activities, and prepare Corporation Tax returns if needed. Their expertise reduces the risk of penalties and helps you take advantage of all available reliefs.
What are the benefits of using an ACCA or ICAEW qualified accountant for a charity?
ACCA and ICAEW qualified accountants are held to high professional standards and are required to undertake continuous professional development. This means they stay up to date with the latest charity accounting regulations and tax law changes. Their ethical framework ensures independence and objectivity, which is particularly important for the independent examination of charity accounts. Using such a professional gives trustees confidence in the accuracy of financial reports.
Can an accountant help with a charity’s VAT obligations?
Yes, an experienced charity accountant can assist with VAT registration, partial exemption calculations, and completing VAT returns. Charities often have complex VAT positions because they may make both taxable and exempt supplies. A specialist will help you identify where you can recover VAT, ensure you are not overpaying, and keep you compliant with HMRC’s regulations. This can result in significant savings for your charity.
What is the role of an independent examiner and how does an accountant fit in?
An independent examiner reviews a charity’s accounts to provide assurance to the trustees and the public. Many charities with an income above a certain threshold require an independent examination rather than a full audit. An accountant who is eligible under the Charities Act can act as an independent examiner, provided they have no conflict of interest. They will check that the accounts comply with the SORP and give a true and fair view.
How often should a charity review its choice of accountant?
It is good practice for a charity to review its accountant’s performance annually, perhaps at the time of the annual accounts or the AGM. Consider whether the accountant is proactive, responsive, and providing value for money. If your charity grows, changes its activities, or faces new regulatory challenges, you may need a different level of expertise. Regularly reviewing your options ensures you continue to receive the best possible support.
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