
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 a charity accountant hold?
A charity accountant should ideally hold a recognised professional qualification from a body such as ACCA, ICAEW, or AAT. These qualifications ensure that the accountant has undergone rigorous training and adheres to ethical standards. Additionally, experience with the Charities SORP and knowledge of HMRC regulations for charities are essential for effective financial management.
How can a charity accountant help with Gift Aid?
A charity accountant can help you maximise Gift Aid claims by ensuring that all eligible donations are correctly recorded and that the necessary declarations from donors are in place. They will calculate the amount to claim and submit the appropriate figures to HMRC, ensuring compliance and optimising your charity's income.
What is the Charities SORP and why is it important?
The Charities SORP (Statement of Recommended Practice) sets out the accounting and reporting framework for charities in the UK. It ensures consistency and transparency in charity accounts, making it easier for donors and regulators to understand financial activities. A qualified accountant will prepare your accounts in line with the SORP, which is a legal requirement for most charities.
Can an accountant assist with a charity's Corporation Tax return?
Yes, a specialist charity accountant can prepare and submit your charity's Corporation Tax return to HMRC. They will ensure that any trading income is correctly reported and that all available reliefs, such as charitable exemptions, are applied. This helps minimise tax liabilities and ensures full compliance with tax laws.
How often should a charity review its financial procedures?
It is advisable to review your charity's financial procedures at least annually, or whenever there are significant changes in operations or regulations. A qualified accountant can conduct a thorough review of your internal controls, recommend improvements, and help you implement best practices to safeguard assets and prevent fraud.
What records must a charity keep for HMRC?
Charities must keep accurate financial records, including details of all income and expenditure, for at least six years. This includes donation records, Gift Aid declarations, payroll records, and invoices. A professional accountant can help you establish a robust record-keeping system to ensure you meet HMRC requirements and can easily provide information if requested.
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