Running the club’s finances is not just about preparing budgets and paying bills – it’s about keeping on the right side of the many rules and regulations that come your way too. But don’t worry, we’re here to spell out what you need to do!
Looking After Sports Clubs’ Finances
What Regulations Do You Need to Comply With?
There are a number of UK organisations that have rules and regulations which your sports club must abide by and getting it wrong can be an expensive business, so you need to be aware of your responsibilities. Make sure to check the following:
- Your club rules (articlesif you are a company)
- Companies Act requirements
- HMRC (tax office) rules
- Government legislation
In particular, take a close look at rules regarding:
- Annual accounts and audit requirements
- HMRC and Companies House returns
- Payroll and pensions
- Taxes, including Corporation tax and VAT
- CASC and charity status
Who Can Audit Accounts for a Club?
A club officer has a responsibility to look after a club’s money, but you’re not legally obliged to audit your accounts unless the club is registered as a limited company and has a turnover of more than £6.5million, assets of £3.25m, or employs more than 50 people.
However, if you’re concerned about finance compliance and need help understanding your club finances, we recommend speaking to a qualified and experienced accountant.