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Carrying out 2023 Budgeting Forecast Returns

Carrying out 2023 Budgeting Forecast Returns

/ Mehmet Kutlay

As the Academic Year approaches its conclusion, Schools, LAs and MATs around the country are working hard to ensure their affairs are in order. One particular task looms for Academies, which is the Academies Budget Forecast return (BFR).


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.

Mehmet Kutlay

Mehmet Kutlay

Mem has been at Bromcom for 3 years now, starting as a Helpdesk agent before eventually moving to the Marketing Team. He comes from a strong hospitality & customer facing background, which includes Apple and 8 years of Pub/Restaurant management. With strong writing skills and a passion for technology and content, Marketing is a perfect fit for him.