
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 a charity accountant hold?
A charity accountant should ideally hold a recognised professional qualification from ACCA, ICAEW, or AAT. These qualifications demonstrate a high standard of technical knowledge and ethical practice. Additionally, the accountant should have specific experience with charity accounting standards, including the Statement of Recommended Practice (SORP), and understand the regulatory requirements set by HMRC and the Charity Commission.
How does a specialist accountant help with HMRC compliance for a charity?
A specialist accountant ensures that your charity meets all HMRC obligations, including accurate Gift Aid claims, correct VAT treatment, and proper payroll administration. They will prepare and submit annual returns and Corporation Tax filings where necessary. Their expertise helps avoid costly errors and ensures that your charity maximises its tax reliefs whilst remaining fully compliant with current legislation.
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 smaller charities with an income below the audit threshold. It involves checking that the accounts are consistent with the charity's records and legal requirements. A full audit provides greater assurance and is mandatory for larger charities. Your accountant can advise which level of scrutiny applies to your organisation.
Can an accountant assist with Gift Aid and other tax-effective giving schemes?
Yes, an experienced charity accountant will manage Gift Aid declarations, track eligible donations, and ensure that claims to HMRC are accurate and timely. They can also advise on payroll giving and other tax-effective giving mechanisms. This proactive approach helps your charity retain more income and simplifies the administrative burden on your team.
How often should a charity review its financial procedures with an accountant?
It is advisable to review financial procedures at least annually, ideally before the year-end accounts are prepared. Regular reviews help identify weaknesses internal controls and ensure that your charity adapts to any regulatory changes. An ongoing relationship with your accountant allows for proactive advice throughout the year, not just at filing deadlines.
What records must a charity maintain for VAT purposes?
A charity must keep comprehensive records of all income and expenditure, including VAT invoices and receipts. If the charity is VAT-registered, it must maintain a detailed VAT account and ensure that partial exemption calculations are correct if it makes both taxable and exempt supplies. Proper record-keeping is essential for accurate VAT returns and for supporting any claims for VAT recovery.
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