
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?
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 accountant has undergone rigorous training and adheres to strict ethical standards. Additionally, experience with charity accounting, including knowledge of the Charities SORP, is essential for compliance.
How can a specialist charity accountant help with HMRC requirements?
A specialist charity accountant can assist with HMRC requirements by preparing accurate tax returns, managing Gift Aid claims, and ensuring proper VAT treatment. They also advise on Corporation Tax for trading activities and help with Self Assessment for trustees or employees, reducing the risk of penalties.
What is the role of an independent examiner for a charity?
An independent examiner reviews a charity's accounts to ensure they are correct and comply with legal requirements. This role is often required for charities with an income below a certain threshold. The examiner must be independent and have the necessary skills and experience to carry out the review effectively.
Can an accountant help with Gift Aid and other tax reliefs for charities?
Yes, an accountant can help you maximise Gift Aid by ensuring all eligible donations are claimed correctly. They can also advise on other reliefs such as business rates relief and tax breaks for trading subsidiaries. Proper advice ensures your charity retains more of its income for its cause.
What are the main differences between preparing accounts for a charity and a business?
Charity accounts must follow the Charities SORP, which requires specific disclosures about funds, governance, and public benefit. Unlike businesses, charities must distinguish between restricted and unrestricted funds. An accountant familiar with these rules will ensure your reports are accurate and meet regulatory standards.
How often should my charity review its financial processes with an accountant?
It is advisable to review your charity's financial processes at least annually, but more frequent reviews can be beneficial, especially during periods of growth or change. Regular check-ins with your accountant help identify potential issues early and ensure that your financial controls remain robust and effective.
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