
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 I look for in an accountant for my charity?
You should seek a professional who is a member of a recognised body such as ACCA, ICAEW, or AAT. These qualifications ensure that the accountant has met rigorous standards of education and ethics. Additionally, look for someone with specific experience in the charity sector, as they will understand the SORP and other regulatory requirements that apply to non-profit organisations.
How can an accountant help with Gift Aid and HMRC compliance?
An experienced accountant will ensure that your charity correctly claims Gift Aid on eligible donations, which can significantly boost your income. They will also manage your HMRC obligations, including VAT returns and any necessary tax filings. By staying up to date with legislation, they help you avoid penalties and maintain good standing with the tax authority.
What is the Charities SORP and why is it important?
The Charities SORP, or Statement of Recommended Practice, sets out the accounting framework that charities must follow when preparing their annual accounts. It ensures consistency and transparency across the sector. An accountant who is familiar with the SORP will prepare your accounts correctly, making it easier for trustees, donors, and the Charity Commission to understand your financial position.
Can an accountant help with Corporation Tax for a charity's trading activities?
Yes, if your charity carries out trading activities that are not covered by a statutory exemption, you may be liable for Corporation Tax. An accountant can advise on whether your trading is within the permitted limits and assist with completing the necessary Corporation Tax return. They will also help you to structure any trading subsidiary appropriately to minimise tax liabilities.
What services do accountants provide for independent examinations?
Many charities are required to have an independent examination rather than a full audit. An accountant can carry out this examination, providing an independent scrutiny of your accounts. They will check that your financial statements comply with the relevant regulations and that your internal controls are adequate. This service is often more cost-effective than a full audit and is suitable for smaller charities.
How do I prepare for my Self Assessment tax return as a trustee?
If you receive income from your role as a trustee, such as a small honorarium or expenses, you may need to complete a Self Assessment tax return. An accountant can help you to determine your tax obligations and ensure that you declare all relevant income. They can also assist with any other personal tax matters, ensuring that you meet HMRC deadlines and avoid unnecessary charges.
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