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KUBED SOLUTIONS LIMITED
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John Lavender accounting ltd
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YBSM PARTNERS
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Frequently asked questions
What qualifications should I look for in an accountant for my charity?
You should look for an accountant who is a member of a recognised professional body such as ACCA, ICAEW, or AAT. These qualifications ensure the individual has undergone rigorous training and adheres to strict ethical and technical standards. Additionally, experience with charity accounting, including knowledge of the Charity Commission’s Statement of Recommended Practice (SORP), is highly beneficial.
How can a specialist charity accountant help with HMRC requirements?
A specialist charity accountant can assist with various HMRC obligations, such as submitting annual returns, claiming Gift Aid on donations, and managing PAYE for employees. They will ensure your charity meets all deadlines and takes advantage of available tax reliefs, such as the charitable exemption from Corporation Tax on certaincome. This reduces the risk of penalties and maximises your funds.
What is the role of an independent examination for a charity?
An independent examination is a lighter-touch review of a charity’s accounts, required for most charities with an income above a certain threshold but below the level requiring a full statutory audit. The examiner checks that the accounts comply with the Charities Act and that there are no material errors or concerns. A qualified accountant can carry out this examination and provide a report to the trustees.
Can an accountant in Saffron Walden help with VAT for my charity?
Yes, an accountant in Saffron Walden can provide specialist advice on VAT, which is often complex for charities. They can help you determine whether your activities are taxable, exempt, or outside the scope of VAT, and assist with partial exemption calculations. They will also ensure you reclaim VAT on eligible purchases and understand the implications of the VAT flat rate scheme if applicable.
How do I find a qualified accountant who understands charity law?
You can use directories like AccountingFirms.co.uk to find accountants who specialise in the charity sector. Look for professionals who are members of ICAEW, ACCA, or AAT and who explicitly state experience with charities. It is also wise to ask for references from other charities and to check that the accountant is familiar with the latest Charity Commission guidance and SORP requirements.
What are the benefits of using a local accountant for my charity?
Using a local accountant in Saffron Walden means you can meet face-to-face, which helps build a strong working relationship and ensures they understand your charity’s specific context. Local accountants are often more accessible for regular meetings and can provide a more personal service. They are also likely to have experience with other local charities, giving them valuable insights into community needs and funding sources.
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