Re: Non Profit guaranteed company
vajark
Registered Posts: 7 New contributor 🐸
Hi, I need help.
I am going to work on an small non profit guaranteed company as a volunteer, but really not sure how this sort of organisation works. Can someone advise me please -
1. How to deal with HMRC -tax returns, filing.
2. What sort of books I should prepare to record..
3. Other thing I have to be careful about
They receive 'ring fenced' funds from 4-5 places needs to do matching against the applications in year end, and also raised money as 'non-ring fenced' from auction and donation.
Their year end is 04 April 2011, set up June 2009, hasn't done any tax returns yet.
Thanks.
I am going to work on an small non profit guaranteed company as a volunteer, but really not sure how this sort of organisation works. Can someone advise me please -
1. How to deal with HMRC -tax returns, filing.
2. What sort of books I should prepare to record..
3. Other thing I have to be careful about
They receive 'ring fenced' funds from 4-5 places needs to do matching against the applications in year end, and also raised money as 'non-ring fenced' from auction and donation.
Their year end is 04 April 2011, set up June 2009, hasn't done any tax returns yet.
Thanks.
0
Comments
-
I am guessing you mean it is a charity which is a company limited by guarantee in which case you will have both a charity number and a company number for it.
It will need you to have an understanding of restricted funds and non restricted funds and also of fund accounting. You will also need an understanding of the Charity SORP.
You will find the Charity Commission website a mine of useful information in terms of how to account and how to present the accounts.
Additionally I can recommend a book by Kate Sayer of Sayer Vincent called 'A Practical Guide to Charity Accounting' which seems to be being reprinted at the moment. There may be better more recent books available but this is the one I cut my teeth on so to speak.
How much effort and financial investment you put into setting up the accounts depends in part on turnover and how complicated the accounts are.
it involves too much to be specific here but have a look at the above.0 -
I would be careful, just because it is a non profit making company, it does not mean it is always a charity. It is quite a specialised area, so unless you are getting proper supervision by someone, you could get yourself in a right mess. Good luck with it.0
-
True..... but as it has volunteers, donations, and restricted funds I think the balance of probability is that it is a charity.0
-
That is one thing confused me. This is a charitable organisation but not a charity, no registration number. It's a company limited by a guarantee, has got a company number. There are share holders, but non profit organisation.
I had a look Kate Sayer's site, her books look good and will give me an idea where to
start.
Thank you very much. If there is further information, please let me know.0 -
To be honest if you are doing this on a voluntary basis, I would leave it alone as it there appears a lot of unanswered questions. Unless there is someone in the organisation who can give you some definite answers and guidance it does seem that you are going to put your head on the chopping block for no reward. It is a specialist area.0
-
I understand what you mean. I agree with you. It can be a big challenge but I have a feeling I will be stuck in the middle of nowhere.
Thank you for your advice.0 -
Sound advice from RAS0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 324 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 94 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership