
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 specific services do accountants for charities provide?
Accountants for charities provide a range of services including preparation of annual accounts, independent examinations, audits, and tax compliance. They also assist with Gift Aid claims, VAT returns, Corporation Tax, and payroll management. Additionally, they offer strategic financial advice, help with restricted fund accounting, and ensure your charity meets all legal and regulatory requirements.
How do I know if my charity needs an independent examination or a full audit?
The requirement depends on your charity's income and governance structure. Charities with a gross income over £25,000 must have an independent examination, while those with income over £1 million or gross assets over £3.1 million usually require a full statutory audit. Your accountant can assess your specific circumstances and advise on the correct level of scrutiny.
Can an accountant help with Gift Aid claims and HMRC compliance?
Yes, accountants specialising in charities can manage the entire Gift Aid process, including calculating claims, maintaining records, and submitting declarations to HMRC. They also ensure your charity complies with HMRC regulations regarding trading, fundraising events, and tax reliefs. Their expertise helps you claim all available tax benefits while avoiding costly penalties.
What qualifications should I look for in a charity accountant?
Look for professionals who are members of recognised bodies such as ACCA, ICAEW, or AAT. These qualifications indicate a high level of training and adherence to professional standards. Additionally, seek accountants with specific experience in the charity sector, as they will be familiar with the Charities SORP and other relevant regulations. Checking their credentials and client testimonials is also advisable.
How often should I meet with my accountant for charity financial planning?
Regular meetings are recommended at least quarterly to review financial performance and plan ahead. However, the frequency can depend on the size and complexity of your charity. Annual meetings are essential for year-end accounts and tax returns, but more frequent contact may be beneficial during periods of significant change or growth. Your accountant will advise on a suitable schedule.
What is the Charities SORP and why is it important?
The Charities SORP (Statement of Recommended Practice) sets out the accounting framework for charities in England and Wales. It ensures consistency and transparency in financial reporting, making it easier for donors and regulators to understand your accounts. Accountants who are familiar with the SORP will prepare your accounts correctly, highlighting fund accounting and other key disclosures.
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