Despite being not for profit, community interest companies (CIC) are still assessed for tax.
Charities do not have a “blanket exemption” from direct tax or from VAT, however they can benefit from a range of exemptions and reliefs.
All registered charities must prepare annual accounts for submission to the Charity Commission, in accordance with SORP (Statements of Recommended Practice).
When charities reach a turnover, currently £500,000, they are required to have an independent annual audit of their accounts. An audit is also needed if total assets (before liabilities) exceed £3.26m, and the charity’s gross income is more than £250,000.
If your organisation is a charity, CIC or other not for profit organisation, we can work with you to provide many services, including: