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
Why do charities need specialist accountants rather than general practitioners?
Charities must follow SORP, manage restricted and unrestricted funds, and claim Gift Aid correctly. Specialist accountants understand these rules and HMRC requirements, reducing the risk of errors in annual accounts and tax returns. They also advise on trustee duties and help maintain charitable status, which general practitioners may not handle routinely.
What qualifications should a charity accountant hold?
Look for ACCA, ICAEW, or AAT credentials, which indicate recognised training and ethical standards. These professionals stay updated on HMRC guidance, VAT relief, and Corporation Tax exemptions for charities. Membership of a professional body also provides recourse if issues arise, giving trustees added assurance when appointing an adviser.
How can an accountant help with Gift Aid claims?
An accountant ensures donations are correctly recorded and that Gift Aid claims meet HMRC rules. They review donor declarations, reconcile claims, and submit accurate returns, maximising income whilst avoiding penalties. This support is particularly valuable for charities with diverse fundraising activities or complex donor records.
Do charities pay Corporation Tax or VAT?
Many charities benefit from exemptions, but rules depend on activities. Unrelated trading may incur Corporation Tax, and VAT applies to some supplies. An accountant can assess liabilities, advise on reliefs, and ensure compliance with HMRC, helping charities avoid unexpected costs and penalties.
What should trustees look for when comparing accountants?
Trustees should compare experience with charities, professional qualifications, and familiarity with HMRC and SORP. Reviewing credentials, client feedback, and services offered helps identify suitable firms. AccountingFirms allows trustees to browse and compare providers efficiently, supporting informed decisions.
How often should a charity review its accountant?
Annual reviews are advisable, or whenever needs change, such as growth or new activities. Regular reviews ensure the accountant still meets requirements and provides value. Trustees can use directory listings to compare alternatives and confirm the firm remains the best fit for the charity's evolving circumstances.
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