What is the BFR?
The BFR is an online form which is currently live and has a deadline of August 31st 2023.
The BFR takes the actual income and expenditure figures of the Academy from 1st September to 31st March, and the expected figures from 1st April to 31st August.
It enables the Education Funding Agency to feed information into the Whole Government Accounts, which end on 31st March annually, and to gauge how Academies are performing against their approved budget for the year to 31st August.
What guidance is available?
Official DfE guidance on conducting/submitting your BFR can be found here.
The DfE are also hosting multiple dial-in sessions over the next few weeks, including a ‘Power Hour’ tomorrow at 10:30AM. The full schedule of dial-in sessions can be found below should you wish to attend.
It is also important to note that you can submit VAT returns using HMRCs Making Tax Digital (MTD) service, via our Finance module. To read more about Bromcom Finance and the features it provides, click here.