
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 governing the voluntary sector, including the Charities Act and SORP. Look for professionals with recognised qualifications from bodies such as ACCA, ICAEW, or AAT. Experience with Gift Aid, restricted funds, and trustee reporting is essential. The accountant should also be familiar with HMRC requirements for charities.
How can an accountant help with Gift Aid?
An accountant can ensure your charity claims Gift Aid correctly on eligible donations, maximising your income. They will help you maintain proper records, calculate the amount due, and submit claims to HMRC. They can also advise on compliance issues, such as ensuring donors have paid sufficient tax, and assist with any HMRC enquiries regarding your claims.
Are there specific tax rules for charities?
Yes, charities enjoy various tax reliefs, including exemption from Corporation Tax on most income and gains if used for charitable purposes. However, trading and certainvestments may be taxable. An accountant specialising in charities can help you navigate these rules, ensure compliance, and claim all available reliefs, such as those for business rates and VAT.
What is the role of an independent examiner for a charity?
An independent examiner reviews a charity's accounts to provide an independent scrutiny of the financial statements. This role is often required for charities with an income above a certain threshold. The examiner must be independent and have the necessary skills and experience. A qualified accountant can act as an independent examiner, ensuring your accounts meet legal requirements.
How often should a charity review its financial procedures?
It is advisable to review financial procedures at least annually, or whenever there are significant changes in operations or regulations. Regular reviews help identify weaknesses, improve efficiency, and ensure compliance with HMRC and charity law. An accountant can conduct a thorough review of your internal controls and recommend improvements to safeguard your charity's assets.
Can an accountant help with a charity's payroll?
Yes, an accountant can manage your charity's payroll, including calculating salaries, deductions, and pension contributions. They will ensure compliance with PAYE and National Insurance regulations, and handle RTI submissions to HMRC. This service is especially useful for charities with employees, as it reduces administrative burden and ensures accuracy.
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