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Understanding bank reconciliation
Bank reconciliation is the process of matching the balances in an entity's accounting records to the corresponding information on a bank statement. The goal is to ascertain that the amounts are consistent and accurate, identifying any discrepancies so that they can be resolved.
Essential guide to payroll UK: PAYE, RTI, and compliance
Understanding UK payroll is essential for businesses, self-employed individuals, and charities. It involves calculating and distributing wages, deducting taxes and contributions, and complying with HMRC regulations. Proper payroll management ensures timely, accurate employee compensation and adherence to tax and employment rules.
Streamline your Gift Aid claims
The Gift Aid scheme is well known in the charity sector and provides a welcome 25% boost to donation income. There is no limit to how often you can file your claim with HMRC so, if you have processes in place to be able to claim regularly.
Church accounting through the eyes of a treasurer
The treasurer of the Eden Baptist Church in Cambridge, Manny Kemp, talks about his experiences with accounting software Liberty Accounts - case study.
Charities Act 2022 - changes in force
Information on the changes being introduced by the Charities Act 2022. The Act amends the older version from 2011 and is implemented in stages starting autumn 2022 and rolling through 2024.
Parochial Fees, tips for efficient accounting
Understanding the intricate details of the Church of England's parochial fees can be daunting. These fees, established by the General Synod and Parliament, cover a wide range of church-related services. Here's a deep dive into what these fees entail and how Liberty Accounts can streamline their accounting process for church treasurers.
Manual for charity or church treasurers
Basic information to help new treasurers get up to speed with understanding church or charity finances. And all you need to know to start managing church or charity accounting.
Making Tax Digital guide: Streamlined taxation for VAT & Income Tax in UK
Discover the benefits of Making Tax Digital (MTD) for VAT and Income Tax. Learn how to get started with MTD, submit digital tax returns, and maintain digital records.
Charity Annual Return 2024 in England and Wales
The Charity Commission of England and Wales has released the questions that will be required to be addressed in a Charity Annual Return for financial years ending on or after 1st January 2024.
The importance of budgeting
Are you a small business or charity? Discover why you need a budget to thrive and make lasting change. Learn the essentials now!
Receipts and payments versus accrual accounting comparison
Charities with a gross income below £250,000 and who are not registered as a company have the option of preparing receipts and payments accounts, as long as their governing document does not require their charity's annual accounts to be prepared as accruals accounts.
Budgeting made easy
If you have any experience of budgeting you will understand why we have developed a tool that makes your budget creation so simple that you will look forward to it.
Simplify employee cost allocation
Employee cost allocation is the process of distributing staff costs across various aspects of a business. This helps in understanding how employees are used in different projects, allowing for accurate budgeting, enabling full costing for projects and better management control. This article explains the solution developed by Liberty Accounts for easy employee cost allocation, focusing on its relevance, methods, and advantages.
Banding method VAT scheme for churches and cathedrals
Cathedrals and churches that have commercial operations that enable them to reclaim VAT will use the banding method, also known as apportionment of tax by cathedrals and churches.
Fund accounting basics
Types of funds and examples of how the best to approach managing them. Fund accounting and reporting is a unique requirement for not-for-profit organisations and is one of the differences between charity and commercial business financial reporting.
Accounting & payroll software for charities & churches
Charities face the same regulatory pressures as commercial organisations but, in addition, must also deal with complex sector-specific reporting requirements intended to demonstrate good stewardship to supporters and regulators alike.
Payrolling benefits
Recent years saw the introduction of optional payrolling of benefit and expenses by HMRC which, according the HMRC website, - allows you to payroll tax on benefits and expenses without having to submit a form P11D after the end of the tax year
Gift aid small donation scheme
The Gift Aid Small Donation Scheme (GASDS), introduced in 2013, is intended for occasions where donors don't have time to stop and the provide details required for a gift aid declaration
Lockdown Bears Fruit
We used the extended period of lockdown as a perfect opportunity to tackle some much needed enhancements to account selection in Liberty Accounts.
COVID-19: free service extended
In March 2020, because of the COVID-19 situation and recognition that charity funding raising will be particularly hit, Liberty Accounts announced the pausing of charges to charity organisations for two months.
COVID-19: charges paused
Liberty Accounts announces pausing of charges for charity organisations. This support is intended to help organisations with fund-raising capacity severely reduced by COVID-19 restrictions.
VAT Refund Scheme
HMRC has updated VAT Notice 1001 on the VAT Refund Scheme for qualifying charities.
New Flat Rate VAT rules
From 1st April 2017 new rules regarding Flat Rate VAT will be applied that may affect your business.
Local Charity Day
The government, thanks in no small part to the work of organisations such as Foundation for Social Improvement which provides the voice for smaller charities with policy makers and the public: is keen to encourage more giving to small and local civil society organisations.
Dividend Allowance
From 6th April 2016 the Dividend Tax Credit will be replaced by a new, tax-free, Dividend Allowance. The new Dividend Allowance means that you won't have to pay tax on the first £5,000 of your dividend income.
Where is your data held?
The EU's highest court ruled, on 6th October 2015, that a legal mechanism enabling companies to transfer personal data between the EU and the US is invalid. The Court of Justice of the EU (CJEU) said the “safe harbour” regime does not provide adequate data protection, as required by EU law when personal data is sent outside of the European Economic Area.