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Statutory Requirements for Charities
Charities, like companies, have to comply with a number of statutory requirements such as having their accounts audited or examined, filing their accounts with regulatory bodies, completing annual returns, meeting tax deadlines and retaining papers and documents on file.
Depending on the gross income of your organisation and its legal structure, there are rules and regulations for setting out and filing your accounts and undertaking audits.
In particular ensure you are aware of:
- Accounting Basis and Audit Exemptions
- Filing Deadlines for Accounts & Annual Returns
- Tax Deadlines
- Make sure you are fully aware of timescales, limits and requirements.
More details can be found at the Charity Commission's website: www.charity-commission.gov.uk
Document Retention:
All accounting records (bank statements, invoices, payroll records, nominal ledger) should be kept for a minimum of 6 years.
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