CIC Association

Serving Community Enterprise

Jenny Tompsett's Comments

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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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