While not-for-profit organisations don’t aim to make lots of money, they are still considered a business. That means that all finances going in and out need to be accounted for.
Non-profit organisations such as charities and social enterprises have more complicated tax needs than regular businesses. For example, a charity won’t owe Corporation Tax because there’s no profit to be taxed on. Instead, charities must register with the Charity Commission if they make over £5,000.
In order to claim for tax-exempt status, your charity must be recognised by HMRC, which can be done by filling in an online form.
Our accountants are experienced in dealing with not-for-profits and will ensure that all your financial obligations are met.
Please feel free to contact us. We will get back to you as soon as possible. Or just call us now