The majority of clubs we act for require an annual audit due to their memorandum and articles, even though it is not a statutory requirement. Our efficient and targeted audits are of huge value to a club and its management team whilst providing comfort to the members that the club is being well run.
We follow the high quality audit process developed by Mercia, the UKs leading training and quality control organisation for the accounting profession. Our specialist auditors have tailored this process specifically for golf clubs and provide a thorough look at the business. Our experts pay close attention to the smaller figures which are still significant to a golf club, making recommendations for savings and efficiency.
VAT partial exemption
Partial exemption has broad implications for a club and can be a cause of costly errors when applied incorrectly. Many of our clients choose to have a VAT health check to ensure their assumptions and calculations are correct, this is particularly helpful if you have a HMRC visit.
The pandemic has had wide ranging affects on club finances, in particular in reducing VAT recoveries. We are currently assisting many clients with securing a temporary measure to increase the VAT reclaim from HMRC. Take a look at our article for more information on this and contact us if you need help with calculations and applying to HMRC.
Either as part of your audit, or using our stand-alone service, our accounts team will always try to help improve your financial systems by recommending best practice and a structure that works for well for golf clubs. Whether you need statutory or non-statutory accounts we can help.
Golf club incorporation
The majority of our clients have now incorporated their clubs as a way to limit the financial risk to the membership. Our incorporation service takes care of the administration involved with registering your company and ensures that it is set up correctly from a tax point of view. We can look after many of the company secretary obligations that can be a drain on your time and provide training and assistance for the management team with their new responsibilities.
Community Amateur Sports Clubs (CASC)
CASC status provides certain benefits such as tax relief and reduced business rates, however there are conditions. If you are considering applying for CASC status, we can help you understand how this will affect your club and its finances. Existing CASCs may wish to review their status in light of financial pressures or the desire to maximise subscription income. Together with our tax team, our golf club specialists work together to prepare calculations and forecasts to give you the information you need to make sound decisions on your future.
Outsourcing / bookkeeping
Our outsourcing team can work with your bookkeeper or general manager/treasurer or can take over the whole function remotely. On hand to help when you need them and providing timely management information to help your club optimise its finances. Visit our outsourcing page for more on how we can help.
As a Xero champion, we have been engaged in discussions with Xero and Intelligent Golf systems to link up their systems and ultimately, we hope streamline systems for our golf club clients.
Golf clubs have a slight uniqueness receiving income from both members and non- members, creating complexity in the taxation. The combined knowledge of our golf club experts and tax specialists ensures that you maximise tax efficiency and compliance. For more information about our corporate tax team take a look at our dedicated page.