Do your charity accounts comply with the latest regulations? Our team have been specifically trained to deal with charity accounts and receive continued training to ensure that they are kept up to date.
Charities are a specialist area of accounts preparation and audit for which an individualistic approach is required.
As a leading independent firm of Chartered Accountants in Essex Lambert Chapman LLP have a range of Charity clients and have recently seen this to be a positive growth area.
Charities offer opportunities to get accounts and disclosures incorrect. Some examples of these are as follows:
- Misinterpreting the distinction between Unrestricted and Restricted Funds.
- Being unable to distinguish assets and liabilities between Unrestricted and Restricted Funds at the
year end. Capitalisingassets without question when specific donations exist to fund them thus creating large surpluses and then regular deficits thereafter.
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How the third sector is assessed for tax.
From 15 March 2023, income tax relief is being withdrawn on donations made to EU or EEA charities and Community Amateur Sports Clubs (CASCs). This will mean that income tax relief will no longer be available to claim against taxable income on tax returns from this...
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