CIC Association

Serving Community Enterprise


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: 97
Latest Activity: 10 hours ago

Discussion Forum

Problems with account filing 6 Replies

Hi there, it seems impossible to find anyone locally who can do our accounts as a cic - every accountant i've spoken with doesn't know much about them and although we found someone to take them on -…Continue

Started by emily kelly. Last reply by Pete Scott 10 hours ago.

Paying our directors and possibly external consultants 5 Replies

Good morning!I am a director of a newly developed CIC that's still finding its feet and are looking to understand how to accept future invoices for work done.Our work is based in mental health…Continue

Started by Alam Ahmed. Last reply by Rachel Gardiner-Hill Nov 3.

Accounting treatment of restricted grants 5 Replies

Hello everyone - I do the books for an arts CIC and, since we are small, I also produce and file the statutory accounts. Much of our funding is from project-based grants from non-government…Continue

Started by Jenny Tompsett. Last reply by Dick Maule FCA May 18.

Is there a need for an accountant to complete the accounts? 1 Reply

Hi all, new to the CIC industry etc...  Was wondering is there a need for an accountant to complete the accounts? My accounts will be simple. Basically a small grant coming in to buy products and…Continue

Started by Ajmal Aziz. Last reply by John Mulkerrin Apr 30.

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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 Harris 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 ( 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


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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