5. Filing Deadlines

a. Department for Education: 31 December following the end of the August accounting period b. Registrar of Companies: Usually 9 months after the year end, i.e. 31 May.   However, the first filing date at Companies House for new Academies is the sooner of 9 months after the accounting period end and 21 months from […]

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4. Taxation

Value Added Tax (VAT)   Academies have two ways of reclaiming VAT on costs incurred in running the School. a. The Academy may voluntarily apply to be VAT registered, and then submit monthly or quarterly VAT returns to HM Revenue and Customs.   As a VAT registered organisation, the Academy must charge and account for […]

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3. Annual Audit

Academy trusts must prepare statutory accounts on an annual basis and have them audited each year by an external auditor in accordance with the Companies Act 2006. It is important to note that this process needs to be carefully managed because of the limited timescale for completion, so a suggested timetable for the preparation of […]

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2. Accounting Issues

Accounts software   There are a number of specialist software packages for Academy schools, which can greatly vary in price. There are also some generally available commercial software packages, such as Sage or Xero (which is cloud based), which have been tailored to work just as well for academies.   Provided your chosen software facilitates […]

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1. The Company

All Academy Trusts operate through the medium of a ‘Company limited by Guarantee’. They are therefore subject to Company Law, and must submit accounts on an annual basis to Companies House.   All such companies have a ‘memorandum of association’, ‘articles of association’, ‘members’, and ‘trustees’.   The following are some of the key concepts […]

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