"Hi John, its been a long time since my last contribution, however there is one point to remember when any organisation receives money for a specific purpose "funding". If those funds are specifically purposed for say rent, rarely will a…"
"Yes, basically you are loaning the money to the CIC and can take it back when appropriate. The CIC can also 'owe' you for hours worked getting set up etc which it can repay to you when prudent. IE....the board agree that you work for…"
"Thanks John. I've just spent the last hour or more reading all the handbooks.
Definitely something we need to discuss and I did find that at least 65% must go back in.
Another quick questions. If we were to go by CLG but obviously put up…"
"Full details are in the CIC Regulators Handbook but simply any work done for the CIC can be done at market rates, Directors can be paid for work they undertake for the CIC.
It could be difficult to ensure it doesnt look like a conflict of…"
Guidance on how to set up a CIC especially where communities need to work together before they actually create the CIC e.g. collect funds commission work from advisors ahead of formation as some market testing or preparatory workSee More
Hi there.I'm just wondering if there is general rule of thumb for working out a salary for paying directors?There are 3 of us looking to change our unincorporated association into a CIC and expand what we do as a baby group into areas such as peer to peer support, drop centre and to offer more groups and workshops(physical premises is our ultimate goal)Also if 1 or 2 of the directors current businesses can directly help the CIC by ways of providing a service to clients (hypnobirthing workshops…See More
For any accounting related queries, including accounts software package questions, grants and trading income treatment, HMRC or Companies House queries/issues, tax reliefs for CICs, links to useful finance information etc