CIC Association

Serving Community Enterprise

Hi, I run an arts and crafts CIC in Cornwall and also help a couple of theatre based CIC`s with their accounts on a voluntary basis. I am AAT Level 4 and a qualified bookkeeper.

I have drawn up accounts, profit and loss and balance sheets for myself and for a theatre company that works with disabled children.

I have gone on the HMRC gateway to file my returns but cannot figure out where to put things like workshops, costumes, venue hire,sound and lighting etc..

I have found general administrative expenses which doesn`t cover it.

I have phoned up HMRC and they are going to get a tax advisor to call me back in the next week but I thought I would ask in case anyone else had this problem.

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Replies to This Discussion

Hi Louise,

Based on what the CIC does, I am thinking direct costs/cost of sales. 

However, make sure there are no capital expenses in there which would need to go to the balance sheet and be depreciated.

Hope that helps?

Andy

Hi Andy,

I think you are probably right. It just shows though when you do accounts for a CIC what a strange sort of hybrid animal it is, a strange cross between a charity and money making venture. In accounting terms a bit of a monster!

I will keep you informed if I ever get a call from the tax advisor.

Thanks

Louise

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