The UK has a large not for profit sector, and the accounting, taxation and reporting requirements can be very complex. Therefore we have a specialist team to assist these organisations with their accounting and tax requirements.
There are many different not for profit legal structures:
- Charities (including unincorporated associations/trusts, charitable incorporated organisations or companies limited by guarantee),
- Clubs (including unincorporated associations/trusts, FCA registered Industrial & Provident Society limited liability companies or community interest companies),
- Pension schemes.
The administration, governance and accounting requirements of such organisations is set out in the relevant legislation, accounting SORPs and internal constitutions. We currently act for clients in various sectors including:
- Local and national charities;
- Registered social landlords;
- Private members sports clubs;
- The theatre;
- Religious organisations; and
- Organisations set up to own and maintain a protected asset.
How we can help
We have developed a wealth of accounting and tax experience and insights into acting for not for profit clients, who typically require a mix of our services such as:
- Assisting you to make your book-keeping system Making Tax Digital compliant;
- Preparation and submission of the annual statutory accounts;
- Assurance on the annual accounts, from:
- No assurance required (pure accounts assignment);
- Independent Examination; or
- Attending and presenting the financial statements at your AGM;
Tax Investigation Insurance
We advise taking out Tax Investigation Insurance to mitigate the potential extra professional fees that would arise if HMRC open a tax enquiry into one of your tax returns. Key risk areas for such an enquiry in this sector include:
- VAT (including any partial exemption calculation); and
- Exempt or mutual status for corporation tax
We can assist you with a variety of other tasks to enable you to outsource these. Key areas where we assist clients with outsourced services include:
We pride ourselves on our advisory services and will always endeavour to provide advice and support alongside our standard compliance services. Some of the most common advisory areas include:
- Advice on the most appropriate operating structure;
- Tax issues specific to these types of organisation (including mutual corporation tax status, CASC, gift aid reclaims and partially exempt VAT returns),
- Making ourselves available for general support services, including attending your AGM, if required;
- Helping you source and apply for grant finance;
- Building up and investing surplus funds and the related fund accounting; and
- Advice on governance issues
Get In Touch
Our Not for Profit team would be pleased to assist with any of the above matters for your organisation.
Should you instruct us to prepare your statutory accounts, we will prepare these in line with the relevant legislation/SORP. We will ensure they are prepared in sufficient time for your AGM and statutory filing deadlines. We will be mindful of your beneficial tax status and we shall actively review the treatment to ensure you are taking advantage of any relevant tax allowances.
We have a pro-active approach and will always look to feedback any guidance or suggestions that may arise during the course of our work with you.
Contact your local office and speak to one of our specialist not for profit accountants, to see how we can add value to your organisation.
We offer a free initial consultation to potential new clients.