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
We are lucky enough to have a philanthropic individual who would like to donate monies yearly to our CIC over the next four years. Are there are problems associated with CIC's receiving donations per se?
Hi Rachel,
What's the nature and information that you are after. Based on the latter bit of your request, and as starter for 10 I've uploaded an article I wrote on Paying Volunteers and HMRC - link at the top of the page.
Regards
Mahmood
Hi
Can anyone offer any thoughts about where we can information about setting up a training bursary scheme within our CIC. We want to be able to help subsidise training for our volunteers that enable them to carry out their role so related. I recognise that there are HMRC regs around benefits in kind for volunteers but don't really know where to start. Thanks. Rachel
Hello everyone.
I am beyond angry and need to rant.
I spent hours - you all know how many - compiling the annual report, CIC34 and accounts. Our accountant checked everything over before it was sent.
On the end of the Directors' report I typed "report compiled by", printed my name, and signed and dated it. My name is also cited as the founding director on the headed paper on which we printed the annual directors' report.
I filed in plenty of time. Now, with only 5 days to go before deadline, I have received all the documentation back again, with the one line explanation ""The name of the signatory is not present on the Directors' Report".
It is debatable whether or not this is actually true, (see above). However, even if one accepts that I am stupid and have neglected to understand the exact precise wording which is acceptable to Companies House in this matter, haven't these people got better things to do than enforce the tiniest letter of their law on people who, after all, are spending hundreds of hours per year, for free, trying to make life better for their community?
What magic formulation of words should I use? "Signed by"? "Print name"? At this point, I'm open to anyone's guesses!
Looking for accountants in the North West. Knowledge of CIC and trading internationally.
Hello - we are a trading CIC and all surplus profits will be gift aided to our CIO at year end. I understand we have nine months to complete this transfer and just wondered how it should be shown in the accounts ie should we show a nil balance or can we carry forward any accruals?
Hi
Can anyone share their experience of managing reaching the trigger point for VAT registration as a CIC, we hadn't thought we would get to ti this financial year but it's approaching at the speed of an express train and we will have to do it soon. This is problematic for us as a counselling CIC as it runs counter to our social mission of providing affordable counselling as it will involve a further fees hike increase on the back of one we have just done annually. We recognise we don't qualify under healthcare professional exemptions but wonder how others have met this challenge.
Simon
I specialise in CICs so why don't you ring me to discuss your situation.
If you have very few transactions the accounts should be relatively simple. Not sure why you accountants are being so slow.
Naresh
NRL Finance
M: 07526 716013
Hi My CIC has been going a few years and I have had an accountant who was reasonable in dealing with everything. This year they have been rather slow and a bit tetchy when I have asked about progress quoting new complexities - but my CIC probably has only about a dozen in/out transactons!. I am now rather anxious about contacting again but I have for a few weeks now been worried that they are not going to complete the submission nor let me know in time to find someone else. Submission is due by April. How long should I leave them to complete before finding someone else? And is there a thread on this group which talks about recommended accountants? (I can't see a search button)
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