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 when choosing an accountant?
A charity should look for an accountant with specific experience in the not-for-profit sector, ideally holding ACCA, ICAEW, or AAT qualifications. Check whether the professional understands fund accounting, Gift Aid, and charity reporting requirements. It also helps to review client feedback and confirm the accountant is regulated by a recognised body. Comparing several providers ensures the charity finds a suitable fit.
Do charities need to submit a tax return to HMRC?
Most charities do not pay Corporation Tax on their charitable income, but they may still need to submit a tax return to HMRC in certain circumstances, such as earning income from trading or property. Even when exempt, charities must keep accurate records and may need to claim Gift Aid. An accountant can clarify exactly what is required.
How can an ACCA or ICAEW accountant help with charity compliance?
An ACCA or ICAEW accountant ensures charity accounts comply with the Charities SORP and relevant regulations. They prepare annual accounts, advise on trustee duties, manage HMRC correspondence, and handle VAT or Self Assessment matters where applicable. Their oversight reduces the risk of errors, penalties, or governance issues, giving trustees confidence that all legal and financial obligations are met correctly.
What is the difference between an independent examination and an audit for charities?
An independent examination is a lighter review required for smaller charities, whilst an audit is a more detailed statutory process for larger organisations meeting specific income thresholds. Both assess financial records and internal controls. An AAT or ACCA qualified accountant can advise which applies and carry out the appropriate work, ensuring the charity fulfils its legal obligations without unnecessary cost.
Can an accountant assist with Gift Aid claims and restricted funds?
Yes, an experienced charity accountant can manage Gift Aid claims, ensuring donations are correctly recorded and HMRC is notified. They also help track restricted, unrestricted, and designated funds, which is essential for transparent reporting. Proper handling of these areas prevents compliance issues and gives donors and funders confidence that contributions are used as intended.
How often should a charity review its accounting arrangements?
A charity should review its accounting arrangements annually or whenever there is a significant change income, structure, or activities. Regular reviews ensure the accountant still meets the organisation's needs and that fees remain competitive. Comparing providers periodically through a directory can reveal more suitable options, especially as the charity grows or its reporting requirements become more complex.
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