
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?
Look for accountants who hold recognised professional qualifications such as ACCA, ICAEW, or AAT. These designations ensure the accountant has undergone rigorous training and adheres to strict ethical standards. Additionally, check that they have specific experience with charity accounting, including knowledge of the Charity SORP and Gift Aid. A qualified professional will help you maintain compliance and manage your funds effectively.
How can an accountant help my charity with HMRC tax obligations?
An accountant can assist with various HMRC requirements, including Corporation Tax returns, VAT reporting, and Gift Aid claims. They will ensure your charity takes advantage of available tax reliefs and that all submissions are made accurately and on time. By staying up to date with HMRC regulations, they help you avoid penalties and maintain your charity's good standing.
What is the role of an independent examiner for a charity?
An independent examiner reviews your charity's accounts to provide an independent opinion on their accuracy and compliance with the Charities Act. This role is distinct from an audit and is often required for charities with an income above a certain threshold. The examiner must be suitably qualified and cannot have any connection to the charity that could compromise their independence.
Are there specific accounting standards for charities in Morden Surrey?
Yes, charities in Morden Surrey must follow the Charities SORP (Statement of Recommended Practice), which sets out the accounting and reporting framework. This ensures consistency and transparency across the sector. An accountant familiar with the SORP will help you prepare accounts that meet the requirements of the Charity Commission and provide clarity for donors and stakeholders.
Can an accountant help with Gift Aid claims and donor records?
Absolutely. An accountant will help you set up proper systems to capture Gift Aid declarations from donors and ensure that claims are calculated correctly. They will also advise on record-keeping requirements and help you submit claims to HMRC. This maximises the value of donations to your charity and ensures full compliance with Gift Aid rules.
How often should my charity review its financial procedures with an accountant?
It is advisable to have a financial review at least annually, but more frequent check-ins can be beneficial. Regular reviews help identify potential issues early, ensure that internal controls are effective, and allow for proactive tax planning. Your accountant can also assist with budgeting and cash flow forecasting to support your charity's strategic decisions.
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