Our national team has over 20 years experience in the education field and is part of the Not for Profit group.
Specialist accountancy and advisory services to academies.
MHA are specialists in the education field and our experts have been advising schools for over 20 years. Our specialist academy accountants and business advisers act for over 100 academies and are in contact with more than 100 other schools at various stages of converting to academy status. Our education specialists have the required experience, expertise and resources to provide a full range of accounting, taxation and advisory services for academies. We also offer insightful and expert opinion on all aspects of applying for academy status, conversion to an academy and the financial implications of running an academy school.
The Academy Act 2010
The Academy Act 2010 offers schools the opportunity to benefit from the freedoms and flexibilities that academy status can bring, including: freedom from LEA control and routine school inspections, greater control over the budget, freedom to set teachers’ pay and contracts, as well as greater flexibility in the curriculum, term times and length of the school day. However, the decision not to proceed with academy conversion is equally important and needs to consider the level of support the LEA will be able to provide for schools that remain under their control.
Specialist knowledge for academy conversion
Our specialist academy accountants and business advisers are part of a working party of large providers of audit services to the Education sector who regularly meet with the EFA, SFA and other Education funding bodies. The working party sets policies to ensure all audit firms and their academy clients have consistent treatment of accounting issues. We act for over 200 charitable and not for profit organisations and also run seminars, training for Governors and working party groups where we discuss the latest issues.
Our Specialist Accounting, Business Advisory And Tax Services For The Education Sector Include:
- Internal audit and external audit.
- Employment tax issues and the engagement of workers.
- VAT (including minimising VAT in development projects).
- Due diligence.
- Assistance with OJEU.
- Capital projects.
- Interim management and secondments.
- Governor training.
- Audit Committee training.
If Your School Is Considering Becoming An Academy, Our Specialist Academy Accountants And Business Advisers Can Help With The Following:
- Information to be considered in the academy conversion process.
- Audit, accounting and reporting requirements.
- Setting-up systems and procedures for the new academy.
- Budgets, cash flow and financial plans.
- Assistance with the Responsible Officer role.
- A VAT review and advice on the best method for academies to reclaim VAT.
- Employment tax issues and engagement of worker.
- Advice on the best structure for any commercial trading activities.
- Review and advice on the chart of accounts.
- Advice on year end accounting and running the year end procedure.
- Review of the Financial Procedures Manual, to ensure it is in accordance with the Academies Financial Handbook.