New Forest

06/05/2020

Updated academies chart of accounts

The Department for Education has updated the academies chart of accounts for use in the academic year 2020/21. This incorporates a small number of necessary changes to the previous chart of accounts released in May 2019. The specific changes are detailed in the guidance which is included on the webpage.

The chart of accounts is the standard for financial data structure of the Department for Education, designed to underpin the academies accounts return and budget forecast returns.

Academy trusts who have already adopted the chart of accounts should ensure they update their own chart of accounts with effect from 1st September 2020 to reflect the changes. Other trusts are able to adopt the chart of accounts for the first time in 2020/21 should they wish, and to work with their software suppliers to do so.

Adopting the chart of accounts is not mandatory, however academy trusts who choose to adopt the standard will potentially benefit from future automated data transfer tools for financial returns.

Latest Tweets

The tax break for pubs, restaurants and holiday accommodation has ended, which sees the VAT rate increasing from 5% to 12.5%.

Click the link to view the full article: https://bit.ly/3Fj1RZ1

Expanding Hampshire accountancy firm HWB has bolstered its Tax team with the promotion of a tax manager. @HWB_Accountants

https://www.deepsouthmedia.co.uk/hwd-has-bolstered-its-tax-team-by-promoting-a-tax-manager/

Let’s Talk

Why not arrange a FREE consultation and find out what we can do for your Academy.