CIC Association

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Accounts Group

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

Members: 171
Latest Activity: yesterday

Discussion Forum

Transfer of assets between Unincorporated association and CIC. 3 Replies

Hi,We have been running as an unincorporated association for just over 2 years. We have just this week incorporated as a CIC. We have quite a lot of equipment that we want to transfer to the CIC.…Continue

Started by Hannah. Last reply by Mahmood Reza Mar 17.

Companies House online returns filing service for CICs. 2 Replies

Hi all, I'm sure this will be of interest to everyone.Companies House are trialing a new service whereby CICs can file their accounts online. This will save accountants fees and hopefully the final…Continue

Started by Adam freeman. Last reply by Mahmood Reza Mar 7.

Annual account 2 Replies

Hi all, I'm new to this forum and hope you can help.I need to prepare some end of year accounts so that I can apply for some funding before the accountant does the full end of year thing in…Continue

Started by Annette Eatock. Last reply by Mahmood Reza Mar 7.

Intellectual Property Rights 4 Replies

Hi I just wondered if anyone knew what happened to registered trademarks created under a CIC if the CIC closes? ThanksFayeContinue

Started by Faye Bentley. Last reply by Faye Bentley Jan 19.

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Comment by Mahmood Reza yesterday

Hi Michelle

For record keeping, efficiency, Mgt info, tracking and reporting etc I'd recommend Xero.  It's  system we use for a nunber of our clients. Re payroll, that depends what experience you, or someone in your team has in running payroll &'operating PAYE.

Happy to have a more detailed chat & help you with any set ups, and send more info etc.  As accredited Xero advusirs we can provide a discount off normal Xero price, and discuss payroll options.

Hooe this helps 

Regards

Mahmood 

Comment by Michelle Ford yesterday

Hi

We are a new CIC and I just wondered what accounting/Payroll package may be best for us to start (upto 10 employees)

Any advice gratefully accepted

Thanks

Michelle

Comment by Rachel Gardiner-Hill on April 10, 2019 at 21:48

It does many thanks.

Rachel

Comment by Mahmood Reza on April 10, 2019 at 21:21
Hi Rachel
Depends on what you mean by problems. As long as it’s accounted for, due diligence carried re the source of the donations, and no undue influence on running of CIC by donors. then all should be fine. If a donation Corp tax is unlikely to apply, no gift aid claim by donor (unless you’re a Charity).
Hope this helps
Regards
Mahmood
Comment by Rachel Gardiner-Hill on April 10, 2019 at 20:40

Hi

We are lucky enough to have a philanthropic individual who would like to donate monies yearly to our CIC over the next four years.  Are there are problems associated with CIC's receiving donations per se?

Comment by Mahmood Reza on March 8, 2019 at 9:15

PAYE%20and%20volunteers.pdf

Hi Rachel,

What's the nature and information that you are after.  Based on the latter bit of your request, and as starter for 10  I've uploaded an article I wrote on Paying Volunteers  and HMRC - link at the top of the page.

Regards

Mahmood

Comment by Rachel Gardiner-Hill on February 27, 2019 at 16:14

Hi

Can anyone offer any thoughts about where we can information about setting up a training bursary scheme within our CIC.  We want to be able to help subsidise training for our volunteers that enable them to carry out their role so related.  I recognise that there are HMRC regs around benefits in kind for volunteers but don't really know where to start.  Thanks. Rachel

Comment by Annette Rhodes on February 8, 2019 at 0:19

Hello everyone.

I am beyond angry and need to rant.

I spent hours - you all know how many - compiling the annual report, CIC34 and accounts.   Our accountant checked everything over before it was sent.
On the end of the Directors' report I typed "report compiled by", printed my name, and signed and dated it.  My name is also cited as the founding director on the headed paper on which we printed the annual directors' report.
I filed in plenty of time.  Now, with only 5 days to go before deadline, I have received all the documentation back again, with the one line explanation ""The name of the signatory is not present on the Directors' Report".
It is debatable whether or not this is actually true, (see above).  However, even if one accepts that I am stupid and have neglected to understand the exact precise wording which is acceptable to Companies House in this matter, haven't these people got better things to do than enforce the tiniest letter of their law on people who, after all, are spending hundreds of hours per year, for free, trying to make life better for their community?

What magic formulation of words should I use?  "Signed by"?  "Print name"?  At this point, I'm open to anyone's guesses!

Comment by Karen Haworth on July 2, 2018 at 17:51

Looking for accountants in the North West. Knowledge of CIC and trading internationally.

Comment by Patricia on April 16, 2018 at 11:46

Hello - we are a trading CIC and all surplus profits will be gift aided to our CIO at year end. I understand we have nine months to complete this transfer and just wondered how it should be shown in the accounts ie should we show a nil balance or can we carry forward any accruals?

 

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