Tax and accounting legislation is incredibly complex, and accounting for independent schools – with or without charitable status – can be a minefield. Knowing what paperwork to keep, which tax incentives to take advantage of and which to avoid is not easy.
You will want to ensure your school’s finances are in the best possible shape and Fawcetts are ideally placed to help you achieve this. Our experience working with independent schools means that we have added specialist expertise to our already un-rivaled team. We offer a complete financial services package or we can undertake individual projects for one-off needs. Our range of cost-effective services for schools includes:
- Term-by term management accounts, including budgets, cash flow forecasting and financial reports, so that your board of trustees can be sure of accurate financial reports.
- Fee services for ensuring cash flow is consistent. This can include fee collection, interest calculations, advice on debt recovery, standing order arrangements and a complete review of your fee scheme if required.
- Payroll services to ensure your staff are paid correctly and on time every month, including monitoring of benefits in kind to keep taxation to a minimum.
- Tax and VAT planning to take advantage of available tax incentives, as well as helping you avoid potentially costly legislative changes. We can help to maximise your profitability while ensuring you avoid unexpected and costly tax bills.
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Former Conservative Treasury Minister, Lord Jim O’Neil has told the BBC that gloomy predictions for the post-Brexit UK economy are likely to be ‘dwarfed’ by global growth figures surpassing expectations.
He said: “I certainly wouldn’t have thought the UK economy would be as robust as it currently seems.
“That is because some parts of the country, led by the North West, are actually doing way better than people seem to realise or appreciate.
“As well as this crucial fact, the rest of the world is also doing way better than many people would have thought a year ago, so it makes it easier for the UK.”
Meanwhile, speaking at the World Economic Forum in Davos, Stephen Schwarzman, CEO of Blackstone Group, said: “It’s a time of enormous ebullience, part of which was created by really good economic growth.”
However, also at Davos, Barclays CEO, Jes Staley warned against excessive optimism about the state of the global economy.
He said: “Equity markets are at an all-time high and volatility is at an all-time low – that is not a sustainable proposition”.