"Basically, No there is not. Not simple ways at least. You can try being clever about when you should recognise your revenue (if you have contracts that extend past year end), but this is probably not relevant for most.
Another option would be…"
Serving Community Enterprise
Debbie La-Haye's Discussions
Corporation tax
1 Reply
I hardly dare ask this question with all the recent tax avoidance headlines, but here goes...I understand that as a CIC we have to pay corporation tax on profits. I've heard the view that a good…Continue
Started this discussion. Last reply by Alastair Irvine Feb 1.
Two directors - no lottery funding
19 Replies
Hi, Is anyone else frustrated by the fact that CICs with only 2 directors cannot apply for Lottery and Children in Need funding? I would have thought that the asset lock would be assurance that the…Continue
Started this discussion. Last reply by Sharon Cannings FRSA Jan 15.
The Big Give
1 Reply
One of our volunteers suggested we register on the Big Give website, but when I looked I found it was just for charities. It seems this is quite common in the donation website world. Does anyone know…Continue
Started this discussion. Last reply by Steve Blake Jun 24, 2010.
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Debbie La-Haye posted a discussionCorporation tax
I hardly dare ask this question with all the recent tax avoidance headlines, but here goes...I understand that as a CIC we have to pay corporation tax on profits. I've heard the view that a good accountant should be helping with reinvesting etc before year end so profits are minimal to avoid paying hefty tax. BUT, I'd like to be able to save some profits to use when times inevitably get tough. Do we just have to bite the bullet and pay tax every year on any 'reserves', or is there a tax…See More
Sharon Cannings FRSA replied to Debbie La-Haye's discussion Two directors - no lottery funding"This seems to have changed quite recently, as Awards for All were quite happy to fund us in 2011 with 3 directors- two of which were related.
A recent application for another project was turned down as we needed three unrelated directors, we were…"
Paul Gill replied to Debbie La-Haye's discussion Two directors - no lottery funding"Yes, it is a situation where those who do not know better, think that having unrelated people is a safer bet.
Possibly for either overall experience brought to the company, which in theory will help the business, or, that it will reduce the risk of…"
Colin Hooker replied to Debbie La-Haye's discussion Two directors - no lottery funding"Yes, we are in a very similar situation in that we are three directors two of whom are married (to each other) so they are related, and BIG guidance says there must be three unrelated directors. Does seem over the top but not much we can do about it…"
Ian Gaweda replied to Debbie La-Haye's discussion Two directors - no lottery funding"My suggestion Debbie (although I haven't tested this) is to appoint a non executive director; someone who sits on your board to provide advice, but who does not get involved in the day to day running of the business. You could however, appoint…"
Kathryn Kimbley replied to Debbie La-Haye's discussion Two directors - no lottery funding"Hi Debbie,
This is really interesting as I'm starting out on the funding route at the moment and coming across exactly these dilemmas. Re. becoming part of a "funding group", would you say that this applies to say…"
Debbie La-Haye commented on Tom Barnett's blog post Do CICs epitomise the Big Society ideal?"My simple view on life is this - I like the term Big Society because, yes it is what community groups have been doing all along, and yes we are being expected to fill in the gaps after the cuts, but at least the talk of Big Society gets…"
Debbie La-Haye replied to Chris Dennis's discussion Taxable profit and grants"Hi Chris,
DId you get more info at the conference? My accountant is interested in this as we will be making a profit this year (hooray!) so facing tax (boo!)
Debbie"
Debbie La-Haye replied to Debbie La-Haye's discussion Two directors - no lottery funding"Hi Terri,
Since posting this last year, I have discovered (partly thanks to previous replies) that you don't necessarily have to take on extra directors, but an unrelated commitee member signatory to the bank account will suffice in some…"
Terri Hills replied to Debbie La-Haye's discussion Two directors - no lottery funding"Don't understand this post - as I know that the Heritage Lottery funding do accept applications from CIC's with two directors anyway!
There are stricter guidelines for the other lottery funds but may I suggest that in these situations you…"
Sharon Cannings FRSA replied to Debbie La-Haye's discussion Two directors - no lottery funding"I echo Heidi here. We recently obtained funding from Awards for All with two directors that live at the same address. We just had to stipulate that there was a third signatory and that the third, unrelated signatory had to always be one of…"
Heidi Harris replied to Debbie La-Haye's discussion Two directors - no lottery funding"We have found the crucial issue is not usually the directors but who can sign the cheques and access the money. If it's husband and wife then you won't get funding. I know CICs with two directors that have obtained awards for all and…"
Adrian Ashton replied to Debbie La-Haye's discussion Two directors - no lottery funding"hi Nik,
there are specific legal responsibilities for directors of companies that are listed in the Companies Act of 2006 that go beyond the requirement to ensure that directors are simply filing their annual returns (x3 sets of documents in…"
Adrian Ashton replied to Debbie La-Haye's discussion Two directors - no lottery funding"Hi all - to (hopefully) offer some clarifications and clarify things a rad:
In terms of applying for grants, as well as the board if 3 rule, being a CIC makes not difference - you'd be looked at exactly the same way as if you were a guarantee…"
Profile Information
- Name of organisation (if any) you are associated with?
- Horses Helping People
- Is that organisation a CIC?
- Yes
- If you have a website, what is your web address?
- http://www.horseshelpingpeople.co.uk
- Are you interested in representing a CIC at the CIC Association AGM?
- Yes
- Are you interested in working in partnership with the CIC Association?
- Yes
Comment Wall (2 comments)
- At 22:50 on April 5, 2011, Kathryn Kimbley said…
- Hi Debbie,
Funny I should come across your post... Fatum perhaps ;) I'm a qualified Counsellor and have been studying the human-animal bond for a number of years. Your picture gave it away really, but I had a funny feeling you were in the same field as myself (although you are clearly in the hippo rather than the canine field ;))!
Anyhow, I just thought I'd introduce myself as it's wonderful to see more human-animal orgs popping up here in the UK!!!
All the best,
Kathryn
- At 18:46 on October 6, 2009,
John Mulkerrin said… - Hi Debbie
Thats a name I recognise from back in old days of 06/07!
Welcome to the site and thanks for joining! We hope to develop into a practical resource for all CICs and CIC Partners.
We’ll be sending out an update on our plans shortly and look forward to your input.
Best regards
John Mulkerrin
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