
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?
When selecting an accountant for your charity, it is essential to find someone who has specific experience with the charitable sector. Look for qualifications from recognised bodies such as ACCA, ICAEW, or AAT. The accountant should understand the Charity Commission’s reporting requirements, be familiar with SORP (Statement of Recommended Practice), and have a clear grasp of tax issues like VAT and Corporation Tax. A good charity accountant will also help you with internal controls and financial planning.
How can an accountant help my charity with HMRC compliance?
An experienced charity accountant will ensure that your organisation meets all its obligations to HMRC. This includes preparing and filing the annual Corporation Tax return, even if your charity is exempt from paying tax. They will also manage your payroll and ensure that PAYE and National Insurance contributions are correctly calculated. Furthermore, they can advise on Gift Aid, ensuring that you claim the maximum benefit from donations, and they will handle any communications with HMRC on your behalf.
What is the difference between an ACCA and an ICAEW accountant for a charity?
Both ACCA and ICAEW are prestigious professional bodies, and their members are highly qualified. The main difference lies in their historical focus, with ICAEW having a strong presence in practice and business, while ACCA has a global reach and is known for its flexibility. For your charity, either qualification indicates a high level of competence. The choice may come down to the individual’s specific experience with charities, their approach to client service, and their familiarity with the size and type of your organisation.
Can an accountant help with VAT for a charity?
Yes, VAT can be a complex area for charities, and an accountant with specialist knowledge is invaluable. They can help you determine whether your charity’s activities are taxable, exempt, or outside the scope of VAT. They will also assist with partial exemption calculations if your charity makes both taxable and exempt supplies. Additionally, they can advise on claiming VAT refunds on certain purchases under the VAT Refund Scheme for charities, ensuring you do not miss out on legitimate savings.
How often should my charity review its accounting arrangements?
It is wise to review your accounting arrangements at least once a year, ideally before the start of your financial year. This allows you to assess whether your current accountant is meeting your needs and whether their fees remain competitive. Regular reviews are also an opportunity to ensure that your charity’s financial controls are robust and that you are taking advantage of any new tax reliefs or changes in legislation. A proactive approach helps avoid problems before they arise.
What are the benefits of using a directory to find a charity accountant?
Using a directory like AccountingFirms.co.uk simplifies the process of finding a suitable accountant. It allows you to compare multiple firms in one place, checking their qualifications, experience, and client feedback. This saves you time and ensures that you are only considering professionals who have been verified. A directory also gives you confidence that the accountants you contact are regulated and adhere to professional standards, reducing the risk of poor advice or service.
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