CIC Association

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Accounts Group

For any accounting related queries, including accounts software package questions, grants and trading income treatment, HMRC or Companies House queries/issues, tax reliefs for CICs, links to useful finance information etc

Members: 161
Latest Activity: Sep 13

Discussion Forum

difficult to find accountants to with advice with selling my BTL`s/ transfering to my CIC 1 Reply

Who would believe it, I ve had my cic dormant until now and wanted to see how i would either sell/transfer my personal 2 BTL`s to my CIC to support investment income to develop the cic to allow…Continue

Tags: to, a, cic?, property, personal

Started by Chris Tough. Last reply by John Mulkerrin Sep 13.

Seeking good accounting software.....

.....preferably free, some thoughts on what's out there / recommendations from you guys. We would consider IOS platform. We have been using Quickbooks, but hoping there's better out there?Thanks in…Continue

Started by Adam freeman Jul 24.

Companies House online returns filing service for CICs.

Hi all, I'm sure this will be of interest to everyone.Companies House are trialing a new service whereby CICs can file their accounts online. This will save accountants fees and hopefully the final…Continue

Started by Adam freeman Jul 23.

Companies House online returns filing service for CICs.

Hi all, I'm sure this will be of interest to everyone.Companies House are trialing a new service whereby CICs can file their accounts online. This will save accountants fees and hopefully the final…Continue

Started by Adam freeman Jul 23.

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Comment by Karen Haworth on July 2, 2018 at 17:51

Looking for accountants in the North West. Knowledge of CIC and trading internationally.

Comment by Patricia on April 16, 2018 at 11:46

Hello - we are a trading CIC and all surplus profits will be gift aided to our CIO at year end. I understand we have nine months to complete this transfer and just wondered how it should be shown in the accounts ie should we show a nil balance or can we carry forward any accruals?

Comment by Rachel Gardiner-Hill on February 20, 2018 at 17:17

Hi 

Can anyone share their experience of managing reaching the trigger point for VAT registration as a CIC, we hadn't thought we would get to ti this financial year but it's approaching at the speed of an express train and we will have to do it soon.  This is problematic for us as a counselling CIC as it runs counter to our social mission of providing affordable counselling as it will involve a further fees hike increase on the back of one we have just done annually.  We recognise we don't qualify under healthcare professional exemptions but wonder how others have met this challenge.

Comment by Naresh Rao on January 13, 2018 at 17:11

Simon

I specialise in CICs so why don't you ring me to discuss your situation.

If you have very few transactions  the accounts should be relatively simple. Not sure why you accountants are being so slow.

Naresh

NRL Finance

M: 07526 716013

Comment by Simon Odell on January 13, 2018 at 15:42

Hi My CIC has been going a few years and I have had an accountant who was reasonable in dealing with everything. This year they have been rather slow and a bit tetchy when I have asked about progress quoting new complexities - but my CIC probably has only about a dozen in/out transactons!. I am now rather anxious about contacting again but I have for a few weeks now been worried that they are not going to complete the submission nor let me know in time to find someone else. Submission is due by April. How  long should I leave them to complete before finding someone else? And is there a thread on this group which talks about recommended accountants? (I can't see a search button)

Comment by Naresh Rao on November 29, 2017 at 18:13

Hi Jenny

I suggest you ring me on the number I previously provided and I will talk you through this

Naresh

Comment by Jenny Tompsett on November 29, 2017 at 16:46

Thanks Margaret. Yes, we carry forward grant income that spans a financial year as Deferred Income on our balance sheet so OK there. Thanks again

Comment by Margaret Manuell on November 29, 2017 at 16:37

I just want to point out that if you are still holding grant money for a project which spans your financial year, then that is not profit, but moneys or work owing. My suggestion is that Jenny should now go to  the online HMRC free helpline for clarification. 

Comment by Jenny Tompsett on November 29, 2017 at 16:20

Hi Naresh. Thank you for your advice. There does seem to be conflicting treatment out there. In the past, I've  had 2 established firms of accountants tell me that "because the company is Limited by Guarantee we don't have to pay CT except on interest". Also, although it seems to have got lost from this thread, I had another reply just before yours from Margaret whose experience with HMRC was more favourable.  I've copied what she said below. Can you by any chance direct to me to the legislation/HMRC regulations so I can see it in black and white before I open up this can of worms for my organisation ? Many thanks again.

At 20:25 on November 27, 2017, Margaret Manuell said… Hi Jenny, we are a small cic in a similar position. We are not-for-profit, ploughing all surplus back into the company and existing on a mixture of funding, community donations and small sales of craft goods made and donated by volunteers. We asked a company of accountants for help, and they offered to make a submission to HMRC pro bono. The Tax Inspector agreed that the company does not trade in the accepted sense and that we do not have to make returns unless our circumstances change, or if we earn interest on any cash reserves. We were repaid taxes we had paid for the three years previously, before making returns got difficult with online submissions that didn't match what we do. I advise you to approach your local third sector support organisation - they used to be called CVS, but some have set up under different names. They would be able to suggest a local tax accountant who might help you pro bono. Hope this helps. If you want to compare yourself with us, to see how you match, we are at www.shoeboxtheatre.co.uk Good luck.

Comment by Subrata Saha on November 28, 2017 at 10:03

Hi Naresh 

Information regarding  surplus grant and corporation tax you gave to Jenny is very helpful in our case.  I found you give very clear information that easy to understand the relationships between grant and HMRC requirement for tax purposes. I need to have advice on how to declare a CIC company dormant and dealing with financial side. I got your mobile number. Thanks Subrata

 

 

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