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Accounts Group

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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: 183
Latest Activity: Feb 9

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Direct Debit collection software

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.

Accounting for joint fundraising campaign by two CICs

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.

Urgent help needed with CT600 1 Reply

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.

Completing CT600 1 Reply

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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Comment by John Mulkerrin on April 25, 2019 at 14:08: Hi All

Allowable relief for contributions to an approved enterprise agency, does anyone have a good working knowledge? Section 84 Income Tax (Trading and Other Income) Act 2005

Is it 100% deductible?

Comment by Genny Jones on April 21, 2019 at 6:45: I would also recommend Xero for the tracking of funds, you can create various layouts, you can import the budget from your spreadsheet into xero and great reporting. Also great that you can have levels of approval.

Comment by Mahmood Reza on April 17, 2019 at 23:58: 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 on April 17, 2019 at 21:40: 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!