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 bookkeepers?
Charities must follow the Charities SORP, manage restricted and unrestricted funds, and prepare accounts that meet regulatory standards. Specialist accountants understand Gift Aid, fund accounting, and independent examination requirements. They help trustees fulfil their legal duties, avoid compliance errors, and present transparent financial information to donors and regulators. General bookkeepers often lack this sector-specific knowledge.
What qualifications should I look for in a charity accountant?
Look for professionals accredited by ACCA, ICAEW, or AAT, as these bodies ensure recognised training and ethical standards. Membership indicates competence in accounts preparation, tax, and compliance. For charities, experience with independent examinations, Gift Aid, and HMRC reporting is particularly valuable. Checking accreditation helps trustees choose a qualified professional who can meet the organisation's specific needs.
How can an accountant help with HMRC and Gift Aid claims?
An accountant can ensure Gift Aid claims are accurate, eligible, and properly recorded, helping charities maximise income from donations. They also assist with HMRC correspondence, VAT reliefs, and payroll obligations. Correct claims reduce the risk of penalties and repayments. Professional guidance ensures the charity remains compliant whilst benefiting from available tax reliefs.
Do charities need to submit a Self Assessment or Corporation Tax return?
Most charities are exempt from Corporation Tax on charitable income, but they may still need to submit returns or claim exemptions depending on activities. Self Assessment may apply to individual trustees in certain circumstances. An accountant can clarify obligations, prepare any required filings, and ensure HMRC deadlines are met without unnecessary administrative burden.
What is an independent examination and when is it required?
An independent examination is a lighter-touch review of charity accounts, required when income exceeds the threshold for receipts and payments accounts but remains below the audit threshold. It must be carried out by a qualified person. An accountant can perform this examination, confirm eligibility, and ensure the accounts comply with charity regulations.
How does AccountingFirms help me compare accountants in Wiltshire?
AccountingFirms is a directory established in 2019 and built by ICAEW and ACCA accountants. It allows users to browse local firms, review specialisms, and connect with verified professionals. Trustees can compare providers based on accreditation, charity experience, and services. This makes it easier to shortlist suitable accountants and make an informed decision.
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