Covid-19 (Coronavirus) Update

Coronavirus is having a huge impact on all sectors of business. Despite this, businesses are still having to manage their books, file VAT returns, run payrolls and most importantly their credit control processes. TFMC is continuing to provide our full range of services through this difficult time. For the latest information and support visit our Blog section or use our app with regular updates sent direct to your phone.

Accounting services for Schools and Academies

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The Financial Management Centre offers comprehensive financial management services for schools and academies throughout the United Kingdom. To find the location of your nearest branch click here. Our service is specifically designed for schools and academies operating in the ‘owner controlled’ and ‘not for profit’ sector. We work with standalone academies, chain academies and newly converted academies.

SERVICES WE PROVIDE TO SCHOOLS & ACADEMIES

We provide schools and academies with the following services:

  • Bookkeeping
  • Risk assessment
  • VAT registration and administration
  • Management accounts
  • Teachers’ pension administration
  • Attending Board of Governors meetings
  • Cash flow projection
  • Payroll assistance

EDUCATION PROVIDERS WE WORK WITH

We work with a variety of education providers including:

  • Primary schools
  • Secondary schools
  • Single-academy trusts
  • Multi-academy trusts

DO YOU UNDERSTAND YOUR LEGAL RESPONSIBILITIES?

We have developed close relationships with the Education Funding Agency (EFA) and our assistance complies with strict EFA conditions. Our team is on hand to ensure school and academy staff understand EFA regulations.

IDEAL FOR NEW AND PROSPECTIVE ACADEMIES

If you have recently converted to an ‘academy’ or if you are thinking of doing so it is vital both you and your staff understand financial responsibilities the switch entails. We provide free consultation for schools considering the switch to academy status. We help you decide whether gaining academy status is the correct course of action to take. If you choose to switch, our team makes sure the correct EFA compliance procedures are put in place.

Once you switch to academy status, an ‘Academy Trust’ is formed by way of Limited Liability Company. Liability is ‘limited by guarantee’ rather than by share capital. You will be regulated under the Charities Act and Companies Act 2006. This process is daunting for most and seeking professional assistance is highly advisable.

Once you switch to academy status you must comply with several financial regulatory requirements including:

  • Payment of VAT
  • Corporation tax
  • Payroll
  • Year end accounts following format laid out in Charities Act and Companies Act
  • New legal responsibilities applying to Governors
  • Teachers Pension Scheme registration
  • TR17 return
  • Account auditing

CONTACT THE FINANCIAL MANAGEMENT CENTRE TODAY FOR MORE INFORMATION.

You are able to contact us for more information by calling 0800 470 4820. Alternatively complete the enquiry form.