JackGoldsby-West has worked with Charities for over 25 years and sits on the Board of Trustees of a charity. He his conversant with the tax regime surrounding charities.
Services Our services include accounts preparation for audit, tax and business planning.We are trained in all aspects of charities finance.
Accounts Preparation for Audit. We don’t look upon audit as purely a procedural exercise.Therefore in preparing your accounts for audit we make the accountsa document that gives an understanding of your organization in depth, and to identifying opportunitiesto improve systems and controls, and generally contribute to the well being, security and prosperity of our clients.
Tax and trading companies. As transitional sources of income have come under pressure, even smaller charities now routinely set out to earn revenue. But they could be exposing their funds to tax, or even jeopardizing their charitable status.The most effective solution is to create a trading subsidiary which passes all profits on to the sponsoring charity.If implemented correctly, tax liabilities are avoided and charitable status will not be lost.
VAT Under the ‘partial exemption’ regulations, charities can recover a portion of the tax they incur on their running costs. Many charities are aware of the opportunities that partial exemption provides. but areas of uncertainty still exist. For a without cost review please contact our office.
Making the most of accounting systems. Most charities use accounting systems such as Sage or QuickBooks. These are eminently suitable systems, but charities often fail to use them to their full potential. We advise clients on ways of getting the full potential from their accounting systems.
Dealing with The Charities Commission. The Charity Commission has significantly increased the number of review visits it makes to voluntary organisationsand is generally taking a more robust approach to its enforcement role. We help deal with matters with The Charity Commission and help charities prepare for visits.
Reserve policies All charities are required to have a reserves policy, but many find it difficult to decide upon an appropriate level. We look at the policy systematically and help clients to create a policy that is justifiable and suitable.
SORP 2005. The latest SORP introduced significant changes in the presentation of the accounts, aimed at increasingthe transparency of reporting and improving the link between the trustees’ report and the financial sections of the accounts.
Please click here for our guide and accompanying worksheet.
MEETing YOUR Taxation & Accountancy NEEDS & EXPECTATION