Corpration Ta and CIC
I have come across two instances when HMRC have accepted that the CIC is not trading for tax purposes. It issometimes a bit difficult to contact with HMRC but if you are a not for profit CIC it may be worth the effortSee More
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Asset Lock
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The concept of an asset lock was one of the original badges of being a CIC.....but I have come across registered CIC's without one. I tried phoning the Registrar of CICs but no one responded.....does…Continue
Started this discussion. Last reply by John Mulkerrin Mar 8, 2016.
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"I am Bristol based accountant specialising in CICs and charities....so if you want to chat or find out more by email please make contact"
"my email address is dicmaule@yahoo.com"
"Out of interest my charges are £350 to £500 usually for doing this"
John Mulkerrin replied to Dick Maule FCA's discussion Asset Lock"Errr......yes!
Really would like to know more on this Dick, and suggest an email to the Regulator as well as your phone call. They usually respond very quickly."
Asset Lock
The concept of an asset lock was one of the original badges of being a CIC.....but I have come across registered CIC's without one. I tried phoning the Registrar of CICs but no one responded.....does anyone know if having an asset lock is legally necessary?See More
"I am an accountant partly based in Bristol specialising in CICs and not for profit......If someone in Gloucestershire is looking I am content to help. I would also endorse Heidi who I know from the Charity Practitioners Forum!"
Tim Cooper left a comment for Dick Maule FCA"Hi Andy - We are Communities Insurance Brokers CIC - we specialise in advising and assisting charity and social enterprise organisations find suitable and cost effective insurance cover. Our clients range from large social housing providers and…"
"I am an accountant based in Penzance and Bristol.....and spend time in Cornwall, Devon, Somerset going between
....if I can be of help"
"no you would file appropriate accounts including Restricted Funds for Registrar of CICs, but rejig a couple of numbers for HMRC. That is what I do in the circumstances...probably takes 15 minutes more! I feel the most important thing is to produce…"
"I personally use restricted funds for my CIC's in these circumstances, after having discusiions with the ICAEW. This suits the requirements of funders. However there is a problem with HMRC and in this case I would send adjusted figures…"
"Naresh just got in touch, I am Bristol based, [Picton Street], welcome to email me on Dicmaule@yahoo.com if you want to talk further"
"I am a Bristol based accountant specialising in CICs and the not for profit sector.
I have clients in Gloucester and Dursley and would be interested in quoting
my direct email is Dicmaule@yahoo.com"
"I am based in Bristol and Cornwall ...but do have a credit union in Boscombe so possible!
Dick"
John Mulkerrin commented on Dick Maule FCA's status"Do you mean the Regulator may let you decide Dick? She decides, but certainly would listen to what the CIC prefers.
I guess small amounts to unicorporated Charities might work in simple cases, much like a donation to an unincorporated is…"
"thanks for your comments John. There seems to be an interesting dilemna as you can only do an asset lock to a charity or cic, but the register may let you donate to an unincorporated community group on dissolution if no lock in place
"
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Dick Maule FCA's Blog
Corpration Ta and CIC
I have come across two instances when HMRC have accepted that the CIC is not trading for tax purposes. It issometimes a bit difficult to contact with HMRC but if you are a not for profit CIC it may be worth the effort
Posted on March 22, 2016 at 10:25
Dick Maule FCA
I am a chartered accountant based in Bristol and Penzance. For 25 years I have been specialising in charities, co-ops, and more recently CICs. I am very pleased to have become a member of the CIC Association
Posted on September 9, 2011 at 17:35 — 2 Comments
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- At 13:26 on December 11, 2015, Tim Cooper said…
Hi Andy - We are Communities Insurance Brokers CIC - we specialise in advising and assisting charity and social enterprise organisations find suitable and cost effective insurance cover. Our clients range from large social housing providers and charities to small CIC start-ups and voluntary groups. We have no minimum premiums and do not charge for our administration. Please spread the love - many thanks Tim Cooper 07790 598080
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