About

Birthday:

January 18


What is your postcode?

BS9 4DF


Name of organisation (if any) you are associated with?

Portland Centre for Integrative Medicine


Is that organisation a CIC?

Yes


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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Comments

  • Patricia August 4, 2018 at 6:25pm

    Hi Naresh - can you advise on gift aiding surplus profit of a CIC to its' charitable body a CIO?  Unfortunately this will be the first and last year of this CIC as it has ceased trading. There are some assets to sell or transfer to the CIO.  Any help would be appreciated, - Thank you Patricia

  • Paul Johnson May 13, 2018 at 2:48pm

    Hi Naresh, Re Your comment below, are you disagreeing with the advice elsewhere on the site about using Deferred Income on the Balance Sheet as a way of reducing apparent surplus in P&L - ie matching the grant with the expenses incurred over a number of years?

    Thanks

    Paul

    Comment by Naresh Rao on November 28, 2017 at 0:09

    Hi Jenny

    CIC's are subject to corporation tax on any surplus they make. The "not for profit issue" relates to needing to reinvest any surplus to the business rather than distribute to shareholders.

    If most of your income comes from grant then most should be spent on the projects that the grant was provided for, and so in the long run there is no profit as all the grant is spent.

    But in any given accounting period if there is surplus, tax is payable.

    I am happy to talk you through this over the phone if it would help.

    Naresh Rao

    NRL Finance Ltd

    offering stress free business solutions to small businesses and especially CICs

    M: 07526 716013

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