VAT Challenges for Charities
Cheap accountants in London highlights several significant VAT concessions available to charities on their overheads, as well as the exemption on fundraising income that applies to non-profit organisations. A frequently asked question that a chartered accountant often asked is as follows: A charity requests that a client does work for or sells goods to them, but the client is not allowed to charge VAT. because The finance officer or treasurer of the charity will happily and enthusiastically wave a charity number at the client, completely believing what he or she is saying. Regrettably, such claims of universal VAT exemption are patently false! The difficulty for advisers is to be aware of the VAT concessions available to charities, which means that certain goods and services they purchase are not subject to VAT or are subject to a reduced rate of 5% in some cases. These concessions are extremely valuable, and our expert tax return accountants in London will discuss a few of t...