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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Millions of people from across the UK could be paying more tax than they need to, it has emerged, after figures from HM Revenue & Customs (HMRC) showed that more than 15 million individuals have not checked their Personal Tax Accounts.
The figure means that less than half of taxpayers have accessed their accounts, risking errors in the amount they pay.
Personal Tax Accounts were introduced by the Revenue in 2015 and include details of income, state pension records and National Insurance contributions.
They were intended to make taxpayers responsible for ensuring they are on the correct tax code.
Personal Tax Accounts can be accessed at gov.uk/personal-tax-account. Registration requires your name, an email address and a password. This will generate a 12-digit Government Gateway ID which will be needed in future when you log in.
You will also need to enter a phone number to generate a separate access code, which will be sent by text or automated call.
To access your account, you will be asked to enter information from a passport, payslip or P60 as well as to answer some security questions.
Under the income section, you will find information on your tax code, including deductions made by HMRC.
It is worth checking your Personal Tax Account as soon as possible. Figures show that 6.7 million people paid the wrong amount of tax last year because their tax code was wrong.