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: 134
Latest Activity: yesterday

Discussion Forum

VAT advice 2 Replies

Hello,I'm a Trustee for a small health charity, based in London, and we are considering converting to a CIC. I'm concerned about the VAT implications and am looking for advice around this.Has anyone…Continue

Tags: charity, London, accountant, VAT

Started by Mufeedah Bustin. Last reply by Andrew Fleet yesterday.

Dormant accounts for first year of trading 1 Reply

Hi, I am helping a friend with their CIC accounts and have a few queries.It says on Gov.uk that if you registered for Corporation Tax before your accounting reference dateYou usually:don’t file a tax…Continue

Started by Louise poor. Last reply by Andrew Fleet yesterday.

Filing Account Returns for Dormant CiC 1 Reply

Hi, I need help in filing our account returns with HMRC s we are yet to commence activities since our registration. Do i need to prepare any document or P&L account even when there is nothing to…Continue

Started by Lanre Olabode. Last reply by John Mulkerrin Aug 2.

Classic Employed/Self Employed question 2 Replies

posted by Caroline DrakeGood morning,My friend and I have set up Lovemindfulness cic to teach mindfulness in schools. We have established with the local authority that we are exempt from ir35 because…Continue

Tags: CIC, employed/self, cic, a, in

Started by John Mulkerrin. Last reply by Geoff Jul 27.

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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 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....

 

Comment by Margaret Manuell on September 28, 2011 at 19:46
Hi Alastair. We actually don't make a profit - what comes in is what goes out. Technically we made a loss in each of the last two years. We hold a small reserve for emergencies. Most of our income is from funding; otherwise we charge our services at cost.
Comment by Alastair Irvine on September 28, 2011 at 15:25

Margaret, what you describe sounds like you're claiming that the CIC is "not trading with a view to making profit" and thus is taxed only on interest income.

I would be careful with this, as most social social enterprises do trade with a view to making a profit, they just do nice things with the profit. HMRC is unlikely to question this but could, so this will not apply to all CICs.

Comment by Margaret Manuell on August 17, 2011 at 15:03

Hi 

Our problem was eventually solved by an accountancy firm acting as our tax agent pro bono. Because of the nature of our activities and the fact that directors/members are volunteers and receive no share payments, all income being returned to further our community work, we are counted as non-trading and only have to pay tax on any interest (if any) we earn from reserves.  I thought this might be of interest to other similarly set-up c.i.c.s

 

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