Accounts Group

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Comment by Mahmood Reza on November 28, 2019 at 13:36

Hi Pete

It's a classic 'it depends' reply, number of variables to consider. 

I am probably biased, but I would advise you to use the services of an experienced accountant for the a/c and tax comp etc. 

There are ways to manage the cost, and without knowing how the fees are made up, level of work involved etc, it may or may not be reasonable.  We have prepared and submitted CIC accounts & tax returns for those organisations with modest incomes, and tight budgets.

By all means, explore options, I'd suggest it anyhow.  I'd be happy to have a (no obligation) discovery call to see where, and if we can help .

Regards

Mahmood

Comment by Pete Scott on November 28, 2019 at 12:46

Hi - We are setting up a new CIC. It will be quite small scale employing one person part time. Income will be ~ £6/7K. There will be around 260 transactions per year. We want to keep costs down. In the past (again this was a CIC) Accountancy costs have been around £600 pa. It is practical to complete the CT600 ourselves for HMRC, rather than use an Accountant. Has anyone in the group had experience doing this?

Comment by Rachel Gardiner-Hill on August 1, 2019 at 18:11

Hi I've asked this before but wonder if anyone can offer any input.  We would like to put some of the surplus we are currently generating towards supporting training costs for volunteer students with us who are undertaking training in specialist skills that they would then put to use to benefit our CIC.  Can anyone suggest the best way to set this up and if there are any HMRC reporting needs from ourselves or for the students?

Comment by John Mulkerrin on April 25, 2019 at 14:55

Thanks Mahmood.

So, assuming the donation is ok and doesnt contravene the regs, is the donation 100% deductible?

For example, a CIC gives a donation to an approved enterprise agency of £5000, will they get a £5k relief against their tax bill?

Comment by Mahmood Reza on April 25, 2019 at 14:46

Hi John,

Donations can be made to a local enterprise organisation or an urban regeneration company. These donations will be allowable tax deductions (subject to the anti-avoidance provisions).

A ‘local enterprise organisation’ is:

1. a local enterprise agency;
2. a training and enterprise council;
3. a Scottish local enterprise company;
4. a business link organisation.

The anti-avoidance measures refer to where the contributor/donor (or someone connected with them) receives, or is entitled to receive, a disqualifying benefit (basically a disallowed tax deduction) in connection with the making of the contribution.

Regards

Mahmood

Comment by John Mulkerrin on April 25, 2019 at 14:08

Hi All

Allowable relief for contributions to an approved enterprise agency, does anyone have a good working knowledge? Section 84 Income Tax (Trading and Other Income) Act 2005

Is it 100% deductible?

Comment by Genny Jones on April 21, 2019 at 6:45

I would also recommend Xero for the tracking of funds,  you can create various layouts, you can import the budget from your spreadsheet into xero and great reporting. Also great that you can have levels of approval.

Comment by Mahmood Reza on April 17, 2019 at 23:58

Hi Michelle

For record keeping, efficiency, Mgt info, tracking and reporting etc I'd recommend Xero.  It's  system we use for a nunber of our clients. Re payroll, that depends what experience you, or someone in your team has in running payroll &'operating PAYE.

Happy to have a more detailed chat & help you with any set ups, and send more info etc.  As accredited Xero advusirs we can provide a discount off normal Xero price, and discuss payroll options.

Hooe this helps 

Regards

Mahmood 

Comment by Michelle Ford on April 17, 2019 at 21:40

Hi

We are a new CIC and I just wondered what accounting/Payroll package may be best for us to start (upto 10 employees)

Any advice gratefully accepted

Thanks

Michelle

Comment by Rachel Gardiner-Hill on April 10, 2019 at 21:48

It does many thanks.

Rachel

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