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…Continue
Started by Pete Scott Nov 28.
Dear all!I run a small CIC with very limited funds. Our numbers are simple and we have calculated a loss for the 2 years we have been running.Last year my family accountant did our accounts and was…Continue
Started by Aaminah Patel Sep 22.
I am helping a couple of CICs in Bristol and would welcome some help on what is eligible or not for corporation taxEg are donations/fundraising wholely and freely given not liable for tax.What is the…Continue
Started by Jonathan Stephens Sep 3.
Hello and thanks for adding me in to the forum. I've set up a very new cic (incorporated last week) and have found lots of useful information and explainations here. Something I've never had to deal…Continue
Started by Hilary Hawkes. Last reply by Mahmood Reza Aug 14.
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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
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?
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?
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?
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:
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
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?
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.
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
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
It does many thanks.
Rachel
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