As a Charity or non-profit driven business, not making a profit still does not mean that you can ignore tax and accounting issues.
The same applies for VAT. It is a popular misconception that VAT does not apply to charities or non-profit organisations. This is a fallacy. VAT does affect you, it is a cost to your organisation and can potentially lead to very expensive mistakes if not properly monitored.
Tax and National Insurance apply just as much for the staff you employ as they do for anyone else. Corporation Tax may still apply to your organisation, even if it is not a company.
Not properly dealing with any of these and other financial reporting requirements, could cost your organisation both money and hard earned reputation.
Should you be a Company limited by guarantee? You will need to have the right set up in place. This is such an important area that Westlake Clark have a dedicated a specialist department to deal with charities and not for profit organisations.
We can assist you with:
- Preparation for external reviews
- Give as you earn schemes
- Gift aid tax reclaims
- Payroll processing
- Reporting and filing your Accounts with the Charity Commission
- Legal company set-up
- Corporation Tax
- Benefits in Kind
Require more information?
If you would like more information or would like to speak to us direct then call us on 01425 620611, 01590 672674 or 02380 642759. If you would prefer, ask us a question online.