.png)
.png)
Academy trusts traps
Key points
- Academy trusts are responsible for their own VAT accounting and reporting.
- VAT status of the academy’s sources of business income.
- Non-business income is usually outside the scope of VAT.
- Academies that are not VAT registered can submit a claim for input VAT on form126.
- Common problem areas.
Academies are born out of the conversion of local authority owned state schools to independent state schools run by individual academy trusts in England. On conversion the academy will be funded directly by the government and local authority through grants but will no longer be under the control of the local authority. An academy is a legal body registered at Companies House as a charitable company limited by guarantee.
Where several schools – often in a close geographical area – decide to convert into academies a multi academy trust structure may be set up. This is a legal entity that governs a group of schools...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
