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.
Request a callback
HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT.
The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the last two years.
Some other groups will need to wait to join, including those:
- trading with the EU;
- based overseas;
- submitting VAT returns annually;
- making payments on account;
- using the VAT Flat Rate Scheme; or
- who have never submitted a VAT return in the past will need to wait to join.
HMRC has also announced that a small number of the most complex businesses will have a six-month deferral to October 2019 before they need to comply with the requirements of MTD for VAT.
MTD for VAT will require businesses with turnovers of £85,000 or more to keep digital records and make quarterly digital submissions to HMRC using ‘designated software packages’ from next April.