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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Self-employed workers in the UK have reported their struggles to acquire a mortgage, after HM Revenue & Customs (HMRC) changed the way it issues details of tax calculations and tax year overviews for submission with mortgage applications.
Until recently accountants and workers themselves have been able to obtain a paper copy of form SA302 that lenders require in order to complete the mortgage application process.
However, from 4 September 2017 HMRC has confirmed that it will no longer issue paper copies and will instead provide digital versions.
This will make the process of securing a mortgage more difficult for self-employed workers and may even further restrict the number of lenders that will offer a mortgage, with reports already coming in of lenders insisting on original paper copies rather than electronic printouts.
Self-employed individuals and their advisers will be required to supply the relevant year’s tax computation, printed from the adviser’s software, along with the tax year overview that advisers can print from HMRC’s online services website, in order to act as a self-serve SA302 that will satisfy lenders.
HMRC has already undertaken discussions with UK Finance, formerly the Council of Mortgage Lenders, about lenders’ requirements. However, the list of lenders who will accept self-serve SA302 forms omits some big high street names.
Many accountants are therefore reminding self-employed individuals to check their lender’s requirements early on in the mortgage application process.
LINK: SA302 Tax Calculation