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: 181
Latest Activity: on Sunday

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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 on Sunday.

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.

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.

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.

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Comment by Chris Crowstaff on November 19, 2020 at 20:58

Mahmood - let me know the best way to connect with you,

Kindest regards,

Chris

Comment by Chris Crowstaff on November 19, 2020 at 20:17

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

Comment by Mahmood Reza on November 19, 2020 at 20:04

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 

Comment by Chris Crowstaff on November 19, 2020 at 19:53

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!

Comment by Mahmood Reza on November 28, 2019 at 13:36

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

Comment by Pete Scott on November 28, 2019 at 12:46

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?

Comment by Rachel Gardiner-Hill on August 1, 2019 at 18:11

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?

Comment by John Mulkerrin on April 25, 2019 at 14:55

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?

Comment by Mahmood Reza on April 25, 2019 at 14:46

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:

  1. a local enterprise agency;
  2. a training and enterprise council;
  3. a Scottish local enterprise company;
  4. a business link organisation.


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

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?

 

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