We want to set up direct debits on our website to collect membership fees. Does anyone have a recommendation? Thanks Continue
Started by Gwynneth Page Nov 22, 2020.
Hi. I've got a situation where two (very small) CICs have agreed to do a joint fundraising campaign for an urgent need where their purposes overlap (it involves a minority community in the…Continue
Tags: legal, issues., joint, campaign, fenced
Started by Nathanael Lewis May 31, 2020.
Dear all!I run a small CIC with very limited funds. Our numbers are simple and we have calculated a loss for the 2 years we have been running.Last year my family accountant did our accounts and was…Continue
Started by Aaminah Patel. Last reply by Louise poor May 21, 2020.
Hi - We are setting up a new CIC. It will be quite small scale employing one person part time. Income will be ~ £6/7K. There will be around 260 transactions per year. We want to keep costs down. In…Continue
Started by Pete Scott. Last reply by Louise poor May 21, 2020.
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Hi there
I just wanted to let you know that I run a business providing accountancy services exclusively to CIC’s and other social enterprises. This is called Social Enterprise Accounts CIC and it’s website is https://socialenterpriseaccountscic.co.uk.
Social Enterprise Accounts CIC specialises in preparing year end accounts and corporation tax returns for smaller CICs and other social enterprises, for a fixed fee.
We are based in Plymouth, Devon.
Liz Llewellyn-Rees
Mahmood - let me know the best way to connect with you,
Kindest regards,
Chris
Hi Mahmood,
Thanks so much for your quick response.
I'd be very pleased have a no obligation initial chat with you.
I've sent you a friend request.
I'm assuming this is you:
https://www.lmcuk.com/about-lmc/our-team/faculty/mahmood-reza
Best wishes,
Chris
Hi Chris
I fully understand your wanting an accountant experienced in CICs close to your location.
If you don't find one, perhaps consider looking for alternatives.
We are not based in the south, but we have clients outside of our immediate geographical area (Leicester) that we successfully support and advise - as well as using our offices as an address.
If you wish to explore this let me know. At a minimum I am happy to have a no obligation initial chat with you
Regards
Mahmood
Good luck with the
Do any of you know of an accountant in south west England who specialises in CICs..? or at least has experience with CICs?
Ideally somewhere in Dorset, Somerset or Wiltshire...?
I'm getting close to setting up a CIC but first of all want to make sure we have a reliable accountant.
(To register the CIC, we will of course need an address and would prefer to use the address of an accountant rather than our home address - hence needing to sort out an accountant before registering).
Also, do please let me know if there's somewhere else on this site that I could post my request, as well as in this group.
Many thanks for any help and advice!
Hi Pete
It's a classic 'it depends' reply, number of variables to consider.
I am probably biased, but I would advise you to use the services of an experienced accountant for the a/c and tax comp etc.
There are ways to manage the cost, and without knowing how the fees are made up, level of work involved etc, it may or may not be reasonable. We have prepared and submitted CIC accounts & tax returns for those organisations with modest incomes, and tight budgets.
By all means, explore options, I'd suggest it anyhow. I'd be happy to have a (no obligation) discovery call to see where, and if we can help .
Regards
Mahmood
Hi - We are setting up a new CIC. It will be quite small scale employing one person part time. Income will be ~ £6/7K. There will be around 260 transactions per year. We want to keep costs down. In the past (again this was a CIC) Accountancy costs have been around £600 pa. It is practical to complete the CT600 ourselves for HMRC, rather than use an Accountant. Has anyone in the group had experience doing this?
Hi I've asked this before but wonder if anyone can offer any input. We would like to put some of the surplus we are currently generating towards supporting training costs for volunteer students with us who are undertaking training in specialist skills that they would then put to use to benefit our CIC. Can anyone suggest the best way to set this up and if there are any HMRC reporting needs from ourselves or for the students?
Thanks Mahmood.
So, assuming the donation is ok and doesnt contravene the regs, is the donation 100% deductible?
For example, a CIC gives a donation to an approved enterprise agency of £5000, will they get a £5k relief against their tax bill?
Hi John,
Donations can be made to a local enterprise organisation or an urban regeneration company. These donations will be allowable tax deductions (subject to the anti-avoidance provisions).
A ‘local enterprise organisation’ is:
The anti-avoidance measures refer to where the contributor/donor (or someone connected with them) receives, or is entitled to receive, a disqualifying benefit (basically a disallowed tax deduction) in connection with the making of the contribution.
Regards
Mahmood
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