Category Archives: Finances

Why do Charities Need Accountants?

Accounting for charities is very important as they're handling the money of the public. Donors have the right to know how their donated money was spent. Above all, charity accountants should be aware that business and charity accounting is not the same. Some laws and regulations must be followed when accounting for charities. In charity accounting there are four different types of funds:
  • Unrestricted funds: these are funds that charity trustees can use for their personal use
  • Designated funds: these are unrestricted funds that trustees have put aside for a specific purpose
  • Restricted funds: these are funds given to a charity for a specific purpose and must be used for that purpose
  • Endowment funds: these are funds given to a charity representing capital. Funds like these are to be invested or used for other charitable...

P11D Form: What is it and What Is It For?

In this article, we take a closer look at the P11D form, what you need to include when you need to file it, and – most important of all – what will happen if you don’t fulfil your P11D duties.

What is a P11D?

The P11D form is used to report Benefits In-Kind, these items or services which you (or your employees) receive from your company in addition to your salary. This can be as private healthcare, interest-free loans (to pay for train season tickets, for example) and company cars. The annual P11D form allows you to report these items to HMRC on your annual Self Assessment return. As benefits in kind effectively increase your salary, there may be National Insurance Contributions (NICs) to be paid on them. It is important to note these contributions will be paid...
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