Helping charities and not for profit organisations
In today’s economic climate every charity whether large or small must be run effectively and in a business-like manner. With the ever increasing burden of legislation, expert advice is essential for charities to survive, prosper and succeed in this environment.
Our firm with the support available from our association with the UK200 Charities Group can advise on a range of issues, including:
- Charity audits & independent examinations
- Charity fundraising and gift aid
- Charity vat and taxation
Charity audits & independent examinations
We provide a comprehensive audit service specifically tailored to the needs of the third sector. Our audits follow a four-step process: planning, fieldwork, finalisation and feedback. We work collaboratively with you at each stage of the process, which helps to ensure a smooth and efficient audit process.
We see the audit as a process that can really add value to an organisation and so we endeavour to identify areas within your systems, controls and governance where improvements and efficiencies can be implemented. We like to keep in touch with our clients throughout the year – not just during the audit, to encourage two way communications.
We can perform independent examinations for charities below the audit threshold, as well as grant audits for specific projects and funders.
Charity fundraising and gift Aid
Areas where we can help:
- Gift Aid internal audit – we can review your policies and procedures on gift aid, check documents and websites for information provided to donors and then test your records to see how you would fare in an inspection visit from HMRC.
- Charity shop networks – you may wish to introduce gift aid into your charity shop network and need help with processes, accounting, VAT.
- New initiatives – if you are setting up new fundraising schemes, we can advise on the best ways to maximise the gift aid or other tax reliefs and ensure VAT is treated correctly.
- Companies and gift aid – donations and sponsorship from companies have different treatments; we can help with guidance for the company.
- Other types of donations – there are other ways of tax effective giving such as donating shares or property, plus there are some specific anti-avoidance rules for significant donations where specific guidance will be required.
Charity vat and taxation
We can help with:
- VAT review – a comprehensive review to look at all your activities and consider how best to arrange them from the point of view of VAT – this will also consider direct taxation and areas such as rates relief.
- Annual adjustment – an audit of the recovery method you are using for VAT and assistance to make the correct changes to your annual adjustment.
- VAT and property – for major property transactions, it is essential that you get advice early to manage the risk of unnecessary VAT costs.
- VAT advice on fundraising – ad hoc advice for clients on new activities or arrangements.
- Advice on contracts – it is often unclear whether a funding agreement is a VATable supply or not, but it is safer to check and we can help to get a ruling from HMRC if there is any doubt.
- Trading and social enterprise advice – advice on how to undertake trading, including the governance involved in having a trading subsidiary company.
- Help with tax returns – we can prepare corporation tax returns and file accounts in the required iXBRL formats under the new HMRC regulations.
We can provide commentary on the financial performance of charities with comparisons to other charities. We can benchmark our charity clients against other members of the specifically prepared charities index of small to medium sized charities in West Yorkshire, the Thomas Coombs (WY-SME) Index.
We provide services to charity across the full spectrum of the third sector with particular emphasis in the areas of grant making trusts, schools and social welfare charities.
In addition we offer support to clubs and similar not for profit institutions.
UK200 charities group
The UK200Group has a dedicated charities group, of which we are a member, made up of accountants and business advisers specialising and focusing on the specific needs and issues facing charity clients.
Membership of this group provides significant benefits to our firm. Importantly our charity clients benefit from:
- A substantial depth of shared knowledge and expertise within the group;
- Locally based partners who are dedicated to charity businesses;
- Reassurance on the delivery of a quality service since membership of the group is subject to an annual quality assurance review of standards and processes;
- Continuous professional training and updating of partners and staff;
- The ability of member firms to successfully manage assignments on a local, national and international level; and
- A quality and prompt service at all levels.