A suite of accountancy and advisory services aimed specifically at schools, academies, and other educational organisations

Running the finances of a school, academy, college, pre-school or daycare requires a combination of specialist accountancy expertise and a solid experienced business practise, whether your establishment is for or not-for profit. Learn more below as to how a specialist educational accountancy firm can help you.

Often, the pressures brought on by regulation, compliance, reporting, auditing and meeting the expectations of the stakeholders can quickly overwhelm an educational organisation’s trustees and administration staff. This is where a specialist educational accountancy practice like TaxAgility can be of immense assistance. We’ll work through your financial reporting and management obligations, helping you streamline your operations, prepare and file the necessary financial statements and reports, ensure you’re compliant with current regulations and requirements, and generally assist with day-to-day bookkeeping, audits, tax, VAT issues, cash flow and payroll.

Call TaxAgility today on 020 8108 0090 and discuss how our educational accountancy specialist could help lessen the burden on your educational establishment.

Educational sectors we cover

Academies

Accountancy services for academies in the UK

Preparing financial statements for Academy trusts can be a very complex affair, especially if it a multi-academy trust. This is largely because academies are both funded by the government and also supported by sponsors, for instance, businesses, universities, other schools and philanthropists. As such, their activities are closely scrutinised, with correspondingly complex administration and reporting requirements.

Academy requirements and services

Academies are required to prepare their accounts and financial statements as set out by the government’s Academies Accounts Direction. Accordingly, academy trusts are required to:
  • To the 31st of August each year, prepare an annual report and financial statements.
  • Audit the trust’s annually through an independent registered auditor.
  • Issue a ‘regularity, propriety and compliance statement and obtain a regularity assurance report from the auditor
  • Submit the trust’s audited accounts and the auditors regularity assurance report to the ESFA by December 31st.
  • File accounts, as per the Companies Act with Companies House.
  • Audited accounts to be published on the academy trust’s website by January 31st
Services provided by TaxAgility include:
  • Preparation of  the Statutory Accounts
  • Statutory Audit
  • Audit of Regularity & Propriety Statement
  • Completion and certification of the Accounts Return  (AAR)
  • Audit of the Teacher’s Pension Scheme , End of Year Certificate (EYOC), Returns
In addition, TaxAgility can provide the following advisory services:
  • Payroll
  • VAT specialist advice helping academies reclaim VAT

Teaching schools & colleges

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Universities

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Nurseries and pre-schools

Accounting services for nurseries and pre-schools

Private daycare and pre schools are run much like businesses, although still registered with OFSTED. Many pressures exist with running a facility of this nature including regulations and government policy, such as the ongoing debate in to affordable childcare and the Early Years Grant.

Nursery and pre-school requirements and services

Just like running a normal business, the facilities administrators will face man of the same financial pressures associated with bookkeeping, tax, VAT, processing childcare vouchers, billing and payroll. Whether your daycare or pre-school facility is a not-for-profit or for profit, TaxAgility can help you with the following:
  • Business planning 
  • Cash flow forecasting
  • Tax planning
  • Balancing grants against profitability
  • Company reports
  • Financial statements and filing tax returns
  • Compliance with regulations and requirements
  • VAT
  • Payroll

Independent schools

Accounting services for independent schools and colleges

Most independent schools are funded through fees charged to student parents, with many run as a charitable trust. Company and charity legislative regulations apply, which obliges the trustees to follow specific rules, regulations and reporting requirements. This can place a heavy toll on the school’s administrators, as the financial management of the schools must be monitored closely, ensuring all financial decisions can be adequately justified. Furthermore, the schools that have charitable status, also have to ensure that processes are in place to protect the its assets. As such, an annual audit and an audit of the teacher’s pensions is required along with submission of an End of Year Certificate (EOYC).

Independent schools requirements and services

TaxAgility can help lessen the burden of day-to-day accounting needs, ensure your independent school meets its regulatory obligations and prepare annual financial statements and returns. Specifically we can assist with:
  • Protecting the financial interests of the school by ensuring robust systems and procedures are in place.
  • Ensuring internal controls responsible for fiscal delegation are functioning properly
  • Assist trustees with budget planning
  • Compliance with current regulation
  • Advising on regulatory changes and impact
  • Preparing the annual accounts
  • Liaising with independent auditors
  • Tax planning and VAT advice