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 a professionally qualified accountant with experience in the not-for-profit sector, ideally a member of ACCA, ICAEW or AAT. It is important to check that the firm understands charity accounting regulations, gift aid, fund accounting and reporting requirements, and can demonstrate a clear track record of supporting similar organisations.
Do charities need to submit a tax return to HMRC?
Most charities are exempt from paying Corporation Tax on income used for charitable purposes, but they may still need to complete a tax return or claim exemptions from HMRC. Where trading or non-charitable income arises, a return is often required. A qualified accountant can confirm the charity's obligations and prepare the necessary filings accurately.
How can an ACCA or ICAEW accountant help a charity?
An ACCA or ICAEW accountant can prepare annual accounts in the correct format, advise on gift aid claims, manage VAT recovery and ensure compliance with Charity Commission and HMRC rules. They also support trustees with budgeting, reserves policies and financial governance, helping the charity remain transparent and well managed.
What is gift aid and how does it benefit a charity?
Gift aid allows charities to reclaim basic rate tax on donations from eligible taxpayers, increasing the value of each gift by 25 per cent. To claim correctly, charities must keep accurate records and obtain valid declarations. An accountant can review gift aid procedures and help maximise legitimate claims.
Are charity accounts different from normal company accounts?
Yes, charity accounts follow specific regulations and formats, including fund accounting and statements of financial activities. Depending on income and structure, a charity may need a receipt and payments account, an income and expenditure account, or full accruals accounts. A specialist accountant ensures the correct framework is applied.
How does AccountingFirms.co.uk help charities find accountants?
AccountingFirms.co.uk allows charities to browse and compare qualified professionals by location and specialism. Established in 2019 and built by ICAEW and ACCA accountants, the directory lists verified firms, making it easier for trustees to connect with accountants experienced in charity finance and compliance.
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