Charity accounts & gift aid repayments
At Peters & Co, we understand that keeping accounting records for charities are vital. We provide a complete range of specialist services from North London Office which empower charities to effectively deal with current challenges. Issues we have helped our clients with include:
- Fully exploiting charity tax opportunities
- Ensuring your audit (if required) adds value
- Ensuring compliance with the Charities Commission, Companies House and HMRC as may be necessary.
- Ensuring that dedicated funds are presented in proper format.
In addition, for the smaller charity not requiring an audit, we can offer an Independent Examination, which will include the followings:
- review of the accounting records kept by the charity
- comparison of the accounts presented with those records
- consideration of any unusual items or disclosures in the accounts
We ensure your accounts are prepared in the correct format, relieve you of the regulatory burden, leaving you extra time to develop and expand your charity or not for profit organisation; source funding which is crucial to financial stability of any organisation.
Furthermore, it is a common misconception that charities are exempt from tax. Charities can take advantage of a variety of tax exemptions – income tax, corporation tax, capital gains tax, VAT reliefs and business rates relief to name a few. Finally, we have a detailed knowledge of charity tax exemptions and reliefs, and years of experience in how to structure your activities in the most tax-efficient way.
Gift aid repayment
If your charity/ ministries are to take advantage of Gift aid, it will have to register with the HMRC in order to be able to claim tax back on Gift Aid donations (provided it meets the conditions for registration).
We would help you in the following ways:
- We will guide you in providing all required information in order to obtain registration.
- Provide you with a guideline to running your gift aid process to minimise rejection and queries.
- We will complete the necessary HMRC forms and submit figures in formats required and obtain repayment for you.
We would advise you in the following ways:
- You would require Gift Aid Declaration from donors. We would provide you a template.
- Collection must be made in an envelope. We would provide you a sample envelope
- After every collection, a schedule must be prepared of all donors totalling to the sum collected on the day. We will provide template.
- Total monies collected must be banked as required by HMRC. We will guide you.
Peters & Co would make the process easy for you at all stages.