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: 106
Latest Activity: Apr 12

Discussion Forum

Urgent help would be very much appeciated re schedule 2/schedule 3 CIC`s 4 Replies

Hello.I am really hoping someone will be able to help me. I am I bits at the moment about a mistake I have found out yesterday that I have made which goes back to the setting up of our CIC in 20010…Continue

Started by Clair Teresa Hobson. Last reply by Heidi Fisher Apr 12.

Corporation Tax - Urgent help sought! 5 Replies

Hi there, I apologies in advance if I'm asking something that has been asked before. I am new to the group/site and might not have been searching in the right places. I am in a right pickle with HMRC…Continue

Tags: filing, fines, penalties, HMRC

Started by Spencer Cartwright. Last reply by Heidi Fisher Apr 4.

Accountant costs - is this the going rate? 8 Replies

HelloMy first post here so please be gentle!A little bit of background. We've set up a cic that is in its first year trading but had to focus energies onto other project's and as a result only took…Continue

Started by Alan Milner. Last reply by Genny Jones Mar 26.

Setting up a Payroll with HMRC 1 Reply

Have copied this post from a member to hopefully drive a bfew responsesHi everyone, I have a question regarding setting up payroll and wanted to get things right before completing the…Continue

Tags: HMRC, Payroll, CIC

Started by John Mulkerrin. Last reply by Heidi Fisher Mar 25.

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Comment by Subrata Saha on September 3, 2014 at 9:26

a)I was wondering whether  a Director in a CIC ( limited by guarantee) not earn any remuneration from their CIC , would they need to submit Self Assessment report to HMRC? b) If a Director earn any amount even less than  £500 from their own CIC and have outside employed job, I am very much sure they need to submit self Assessment report to HMRC?  regarding income?

Comment by Heidi Fisher on June 23, 2013 at 15:52

Hi, if you have an understanding of accounting then it is possible to prepare your own accounts for Companies House, and file the corporation tax return with HMRC yourself.  However, in most cases people don't have the accounting knowledge, or the time to do this, as they are busy running their CIC.

Whilst I would like to say that accountants and/or accounts systems are free or cheap, that is not the case.  When you decide to become a CIC you need to consider the costs of preparing annual accounts, corporation tax returns and operating payroll as things you will need to generate money to cover, as well as personal tax returns for Directors if they are receiving a wage or income as self employed individuals.  

There are free spreadsheet based systems for recording your income/expenditure but these figures need transferring into the correct format to produce your Annual Accounts.  If you don't want to use spreadsheets then Kashflow, Quickbooks and Zero are all suitable alternatives.  But like spreadsheets these only do your book-keeping and produce management accounts, not the production of your year end accounts or tax return.

Comment by PADOYO CIC on June 23, 2013 at 13:31

Do you have an accounting service success or found the ultimate DIY tax software that does it all. AS a new CIC one of the underpinning philosophical is to create as much financial support for our communities by   building and growing "lean & mean" sustainable companies.

I need as much input into selecting the best HMRC system possible for next to nothing. I have found a number of possibilities but I wish to gain the benefit from those with experience.

Are you able to post your info to empower the rest of us to improve our ability to fulfill CIC objectives.

Thanks  Paul Young 

   

Comment by emily kelly on June 21, 2013 at 20:02

Hi all,

Would anyone know of someone experienced in CIC accounts for the dorset region? we are looking at going CIC ltd by guarantee (possibly small membership) - just struggling to find an affordable but good accountant who is experienced in cic accounts. We have had a recommendation for one - just looking to see whats available to give us a bit of choice. We are a start-up business and have no funding (yet) so need something that isn't at the higher end of the market (cost wise) to begin with ...

Comment by Ian Burnett on July 31, 2012 at 21:05

Hi Angela - a few snippets for you, I found myself in a very similar position 6 months ago ! First ensure you understand what your organisations objectives are and where funding support is required, else you will get pulled left right and centre and apply for lots of things you won't get ! To help avoid this I registered on the National Funding Central website which is funded by the Government ( http://www.fundingcentral.org.uk/) to help steer charities and CIC's to grant sources. You can set up a weekly e-mail feed that will notify you of grant opportuntiies in your area. You can also do a customised search for different types of grants so you can understand what might be relevant.

I also made contact with our County Council who have a full time External Funding Officer and a Community Engagement Officer whose jobs are to help community and charity groups get off the ground. They also had a drop in service where they will search the national grants databases and recommend suitable grant funding routes for you.

Hope useful.

Rgds, Ian

Comment by John Mulkerrin on July 31, 2012 at 12:29

@Angela, good luck with your journey taking things forward.

That project with your local GP would definitely constitute an Industry Link/Sector partner, but Id suggest you actually ask the person who said it to expand as nobody else will really be able to give you an answer as to what was meant.

A wealth of funding is 'available' to everyone, mostly you will have to compete for it and understanding what is and isnt worth pursuing can make all the difference.

Comment by Jane Kite on December 7, 2011 at 13:48

Hello - I am preparing the first years accounts for a music therapy CIC and this is also my first time at preparing accounts for a CIC. I have modelled them on "Jones Sample Accounts Limited" from HMRC and we do not need an audit. My question is - is this the correct format for the P&L ie with turnover etc as per Company Law?  It's just that I am used to preparing charity accounts with incoming resources and unrestricted/restricted funds etc.  Also, as we are limited by guarantee what is the correct heading on the balance sheet for Capital and reserves as all we have is a profit and loss account?  Please don't suggest I go to an accountant as these are my only questions and we have very little cash.

Thank you in advance

Jane

Comment by COJOSA UK-IRL on November 1, 2011 at 13:01

Hi- I am looking for help within areas of fundraising. If you have any suggestions regarding getting grants and which organisations to approach will very much appreciate it. thanks

 

Comment by Terry Atkinson on October 24, 2011 at 13:32

Hi everyone

We are an accountancy c.i.c. based in the north east of England. We provide low cost accountancy support for third sector organisations in Durham, Northumberland & Tyne & Wear tel 0191 3874469

Comment by Dick Maule FCA on September 30, 2011 at 11:15

For small tax issues in the not for profit sector IR regulations will allow 5 year exemption from filing when a dormant signal is appropriate.[i.e. CT is due on bank interest only and the CT is under £100].

I am finding a surprising lack of hassle getting the revenue to agree to this....

 

 

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