Digital filing of accounts for charities
The Charity Commission and the Financial Reporting Council have launched the new taxonomy for charities reporting under the Statement of Recommended Practice (SORP) 2015 (FRS 102). This will make it possible for charities to file their accounts digitally with Companies House and the Charity Commission in the future.
At the moment over 70% of companies file digital accounts at Companies House, but this has not been an option for charities to date. In future charities filing tax returns with HMRC will also have the option of digital filing when submitting accounting information.
Many smaller charities are concerned that this move could be time consuming and expensive however the option to file accounts by PDF will remain. The Commission acknowledges that accounts templates will be needed to help charities that choose to file digitally. The Charity Commission is considering how it can move this forward – we will keep you updated when we know more.
For further advice on filing digital accounts for charities, please email Elizabeth Irvine