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 in an accountant?
A charity should seek an accountant who understands the specific regulations that apply to the voluntary sector. Look for qualifications from ACCA, ICAEW, or AAT, and experience with the Charity Commission and HMRC. The accountant should be familiar with the Charities SORP, restricted funds, and Gift Aid. It is also beneficial if they can advise on tax-efficient structures and payroll for charity staff. Always check that they are registered with a professional body and have relevant references from other charitable organisations.
How often should a charity file accounts with the Charity Commission?
Most registered charities in England and Wales must file their annual accounts and trustees' annual report with the Charity Commission within ten months of their financial year end. The exact requirements depend on the charity's income and whether it is a company or an unincorporated association. An experienced accountant can prepare the necessary documents and ensure that they are submitted on time. Failing to file can result in penalties and damage to the charity's reputation.
Can an accountant help with Gift Aid claims?
Yes, an accountant can be invaluable in managing Gift Aid. They can help you set up the correct procedures to claim Gift Aid on eligible donations, calculate the amount due, and submit claims to HMRC. They can also advise on record-keeping requirements and ensure that your charity complies with the rules. This can significantly increase the value of donations, as Gift Aid adds 25% to the value of a gift from a UK taxpayer.
What is the difference between an ACCA and an ICAEW accountant for a charity?
Both ACCA and ICAEW are respected professional bodies, and their members are highly qualified. The main difference lies in their focus areas and the exams they take. ACCA has a strong international presence and covers a broad range of business and finance topics. ICAEW is known for its chartered accountancy qualification and has a strong emphasis on audit and financial reporting. For a charity, either qualification is suitable, but you should also consider the accountant's specific experience with the voluntary sector.
Are there any specific tax returns that a charity must submit?
Charities may need to submit a Corporation Tax return to HMRC if they have taxable income, such as trading profits or investment income that is not exempt. They may also need to complete a Self Assessment tax return for any trading subsidiaries or if they employ staff. Additionally, if the charity is VAT-registered, it must submit VAT returns regularly. A specialist accountant can help you determine which returns are necessary and prepare them accurately to avoid penalties.
How can AccountingFirms help me find a charity accountant in Malden Surrey?
AccountingFirms is a directory that lists verified and regulated accountants. You can use the search function to filter for professionals who specialise in charity accounting in Malden Surrey. Each profile shows the firm's qualifications, areas of expertise, and client reviews. This allows you to compare providers and choose one that meets your needs. The platform was created by accountants, so you can trust that the information is reliable and relevant.
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