"Many thanks for your reply Heidi
Does the £150 plus vat quote sound reasonable to you (we're based on London)? As I have no real understanding of what's involved , I don't know how long or complicated a task it is.
We are a…"
"It's virtually impossible to file your tax return without using some form of software and it is easier and quicker to pay an accountant to do this in most cases as tagging the items in your accounts manually takes ages and you would still need…"
HiWe are in the process of filing our end of year accounts online. Last year this was completed by an accountant following a donation which covered their fee. This year (2nd year) we do not have the funds and are hoping to be able to complete it ourselves.Our accounts have been prepared by our Treasurer (Word doc) and filed with Companies House.I have been advised by an accountant that to complete our tax return online we need a 'tagged' file and that to prepare the file will cost £150 plus…See More
"We understand that the grant money in hand is held on behalf of the project still to be delivered, so it is not an asset but a debt owing, like a manufacturer's order, say, that has been paid for up front, but not yet delivered.. That is how we…"
"Unspent funds should be shown as deferred income on the balance sheet as rightly pointed out in Andrew's post. It will reduce your overall surplus - logic behind this is that the funds will be used in following years on projects…"
"Hi Lucie, absolutely you should show them on the balance sheet as a creditor (Deferred Income). Then as you use them in the following years you will release them (Dr Deferred Income, Cr Income) to match against the expenditure. Hope that helps. Andy"
HiWe are in the process of preparing our year end accounts, prepared by our Treasurer and verified by an accountant not linked to our organisation (as is often required by grant funders) We can not get agreement as to whether unspent grant funds (to be used in the next financial year) should be included in the balance sheet (with same amount reported as a creditor in the balance sheet too) or not - on the basis they are not owned by us and therefore not an 'asset'Clarification would be much…See More
For any accounting related queries, including accounts software package questions, grants and trading income treatment, HMRC or Companies House queries/issues, tax reliefs for CICs, links to useful finance information etc