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 look for a regulated professional with experience in fund accounting, independent examination, and Gift Aid. Membership of ACCA, ICAEW, or AAT provides assurance of technical competence. It is also important that the accountant understands HMRC requirements for charities and can prepare accounts under the correct framework. Local knowledge of Uxbridge Middlesex can be helpful for meetings and support.
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 receiving non-charitable income or trading income above the threshold. A qualified accountant can confirm whether a return is required and ensure any Gift Aid claims are accurate and timely.
What is the difference between an independent examination and an audit for a charity?
An independent examination is a lighter-touch review required for smaller charities, whilst an audit is a more detailed statutory review required for larger charities that meet specific thresholds. The appropriate route depends on income and gross assets. An accountant regulated by ACCA, ICAEW, or AAT can advise which applies and carry out the necessary work.
Can an accountant help with Gift Aid claims?
Yes, a qualified accountant can help charities maximise Gift Aid claims by ensuring donor records are accurate and declarations are in place. They can also advise on Gift Aid Small Donations Scheme claims and HMRC reporting. This reduces the risk of errors and helps charities receive the correct amount of tax relief without unnecessary delays.
How often should a charity review its accountant?
A charity should review its accountant every few years or when there are significant changes income, activities, or governance. Regular reviews ensure the professional still meets the charity's needs and provides value. Comparing providers through a directory can help trustees assess whether a change would improve compliance, reporting, or strategic support.
What records must a charity keep for tax purposes?
A charity must keep accurate financial records, including receipts, invoices, bank statements, and Gift Aid declarations, for at least six years. These records support tax returns, independent examinations, and HMRC enquiries. A qualified accountant can advise on record-keeping systems and help ensure that documentation meets regulatory standards and simplifies annual reporting.
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