Why should I use a specialist charity accountant?

Charity accounting has specific requirements under the Charities SORP and Charity Commission regulations. Specialist charity accountants understand these complexities, ensuring your accounts meet compliance requirements while potentially saving you money through proper tax relief claims and Gift Aid management.

What accounts do I need to prepare for my charity?

The accounts you need depend on your charity's income and structure. Charities under £25,000 annual income can prepare simplified accounts (Receipts & Payments). Charities over £25,000 must prepare accruals accounts following FRS 102 and the Charities SORP.

Do I need an independent examination?

Charities with income between £25,000 and £1 million can choose an independent examination instead of a full audit, which is more cost-effective. Charities over £1 million generally require an audit. We can arrange independent examination services for your charity.

Are charities exempt from tax?

Charities are generally exempt from Corporation Tax on charitable income. However, there are exceptions for non-charitable activities (e.g., trading profits unrelated to the charity's purpose). We can help ensure you claim all applicable tax reliefs.

What is Gift Aid and how does it work?

Gift Aid allows charities to claim back the basic rate tax (25%) on donations made by UK taxpayers. For higher rate taxpayers, you can claim the difference between your tax rate and the basic rate. We can help set up and manage your Gift Aid claims.

Do I need to register with the Charity Commission?

Charities with income over £5,000 must register with the Charity Commission. Unincorporated charities can register voluntarily if below this threshold. We can help you with the registration process.

Does my charity need an audit?

Charities require an audit if they have income over £1 million or if their governing document specifically requires it. Charitable companies also require an audit regardless of size (unless exempt). Smaller charities can choose an independent examination instead of an audit.

What are the main compliance requirements for UK charities?

UK charities must comply with various requirements including: filing annual accounts and Annual Return with the Charity Commission, maintaining proper financial records, keeping trustees informed of financial position, complying with data protection regulations, and ensuring activities match the charity's charitable purposes.

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