CIC Association

Serving Community Enterprise

Jenny Tompsett
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Jenny Tompsett commented on Heidi Fisher's group Accounts Group
"Thanks Margaret. Yes, we carry forward grant income that spans a financial year as Deferred Income on our balance sheet so OK there. Thanks again"
Nov 29, 2017
Jenny Tompsett commented on Heidi Fisher's group Accounts Group
"Hi Naresh. Thank you for your advice. There does seem to be conflicting treatment out there. In the past, I've  had 2 established firms of accountants tell me that "because the company is Limited by Guarantee we don't have to pay…"
Nov 29, 2017
Margaret Manuell left a comment for Jenny Tompsett
"Hi Jenny, we are a small cic in a similar position. We are not-for-profit, ploughing all surplus back into the company and existing on a mixture of funding, community donations and small sales of craft goods made and donated by volunteers. We asked…"
Nov 27, 2017
Jenny Tompsett commented on Heidi Fisher's group Accounts Group
"Hi-can anyone advise me on the position of CICs in relation to Corporation Tax ? We are a small Company Limited by Guarantee and we provide educational art facilities. We get the majority of our income from grants but we also charge a subscription…"
Nov 27, 2017

Profile Information

What is your postcode?
ex67qw
Name of organisation (if any) you are associated with?
Double Elephant CIC
Is that organisation a CIC?
Yes
If you have a website, what is your web address?
http://www.doubleelephant.org.uk
Are you interested in representing a CIC at the CIC Association AGM?
No
Are you interested in working in partnership with the CIC Association?
No

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At 20:25 on November 27, 2017, Margaret Manuell said…

Hi Jenny, we are a small cic in a similar position. We are not-for-profit, ploughing all surplus back into the company and existing on a mixture of funding, community donations and small sales of craft goods made and donated by volunteers. We asked a company of accountants for help, and they offered to make a submission to HMRC pro bono. The Tax Inspector agreed that the company does not trade in the accepted sense and that we do not have to make returns unless our circumstances change, or if we earn interest on any cash reserves. We were repaid taxes we had paid for the three years previously, before making returns got difficult with online submissions that didn't match what we do. I advise you to approach your local third sector support organisation - they used to be called CVS, but some have set up under different names. They would be able to suggest a local tax accountant who might help you pro bono.

Hope this helps. If you want to compare yourself with us, to see how you match, we are at www.shoeboxtheatre.co.uk

Good luck.

 
 
 

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