Not for Profit Accounting

Not for Profit Accounting

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Hi,

Do "not for profit" organisations have to submit anything to HMRC?

Sorry if this is a simple question, but my understanding was that they just need "audited" accounts signed off by an accountant....but i am now unsure this is correct?

Many thanks

Matt

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By Dave Collier
01st Nov 2010 11:30

Yes

The simple answer is yes. You don't say what form your "Not for Profit" company takes but essentially you need to get clearance from HMRC to confirm they will not tax you. Look at www.hmrc.gov.uk/charities if you are a charity or other guidance if you are not.

 

Whether or not you need an audit depends on many things, including your constitution. Audits are expensive - if you can avoid one do so.

Whatever it sounds like you need professional advice and I strongly recommend you find some or find a volunteer board member with expertise in this area!

 

 

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By Rob Fox
01st Nov 2010 12:39

Not for profit

VAT registration also needs to be considered if the organisation ia making taxable supplies exceeding £70,000 in a rolling 12 months to any month end, or expects to do so in the 12 months then beginning.

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