Charitable Sector
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The Charities Act 2006 became an official law on 8 November 2006. The Act brought about some important regulatory changes within the charity sector, which will be fully implemented in 2007 and 2008. It is important that trustees and responsible persons of charitable organisations fully understand their obligations and how these changes will affect their organisations.
BARRETTE LLP can play an important role in helping you and your organisation to adjust to these regulatory changes. Barrette LLP is a firm of Chartered Accountants and Chartered Tax Advisors whose partners contain substantial experiences in the charity sector. Our firm has specialists in the charitable sector and we are an active member of the Charity and Voluntary Sector Group of the ICAEW.
We can provide advice to you on the following:
- How the new rules in the Charities Act 2006 affect your organisation
- New financial reporting requirements in accordance with SORP 2005
- Audit requirements
- Registering with the HMRC
- Tax efficient ways of giving to your charity
- Types of trading income exempted from taxes
- Setting up a subsidiary and using deed of covenant or gift aid
- Tax advantages of employment within charitable organisations
- VAT aspects such as the “partial exemption” regulations
- Advice on accounting systems
We can also undertake the following:
- Preparation of financial statements in accordance with various legislation and pronouncements such as Charities Act 1993 and Companies Act 1985
- An independent examination of financial accounts prepared by unincorporated charities
- Preparation of accountants' report for charitable companies
- Completion of charity tax returns
Last but not least, both of our partners are committed Christians with the aim of helping Parochial Church Councils (PCCs) and parishes to manage their finances wisely and faithfully. A separate information sheet entitled “PCCs and Parishes” gives further information on how we can help such organisations.
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