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: 177
Latest Activity: Dec 2

Discussion Forum

Completing CT600

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 Nov 28.

Urgent help needed with CT600

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 Sep 22.

Corporation tax

I am helping a couple of CICs in Bristol and would welcome some help on what is eligible or not for corporation taxEg are donations/fundraising wholely and freely given not liable for tax.What is the…Continue

Started by Jonathan Stephens Sep 3.

Confused with HMRC (Help!) 2 Replies

Hello and thanks for adding me in to the forum. I've set up a very new cic (incorporated last week) and have found lots of useful information and explainations here. Something I've never had to deal…Continue

Started by Hilary Hawkes. Last reply by Mahmood Reza Aug 14.

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Comment by Rachel Gardiner-Hill on April 20, 2015 at 13:50

Thanks John I thought that might be the case.

Comment by John Mulkerrin on April 15, 2015 at 15:54

Hi Rachel

You cant get both!

Comment by Rachel Gardiner-Hill on April 15, 2015 at 10:46

Has anyone had any success in securing discretionary rate relief from their rating authority as well as small business rate relief?

Comment by Dick Maule FCA on September 16, 2014 at 19:00

Naresh just got in touch, I am Bristol based, [Picton Street], welcome to email me on Dicmaule@yahoo.com if you want to talk further

Comment by Hazel Plastow on September 16, 2014 at 10:00

Hi - first post and just starting out having set up a CIC with 4 Directors (unpaid as yet) and starting to apply for grants.  I wonder if someone could advise: I understand that as Directors we can undertake work for the CIC under PAYE, but is there also the option of doing the work on commission on a self-employed basis - from my initial trawl on the web I gather this may not be acceptable to HMRC.  Many thanks, Hazel

Comment by Subrata Saha on September 3, 2014 at 9:26

a)I was wondering whether  a Director in a CIC ( limited by guarantee) not earn any remuneration from their CIC , would they need to submit Self Assessment report to HMRC? b) If a Director earn any amount even less than  £500 from their own CIC and have outside employed job, I am very much sure they need to submit self Assessment report to HMRC?  regarding income?

Comment by Heidi Fisher on June 23, 2013 at 15:52

Hi, if you have an understanding of accounting then it is possible to prepare your own accounts for Companies House, and file the corporation tax return with HMRC yourself.  However, in most cases people don't have the accounting knowledge, or the time to do this, as they are busy running their CIC.

Whilst I would like to say that accountants and/or accounts systems are free or cheap, that is not the case.  When you decide to become a CIC you need to consider the costs of preparing annual accounts, corporation tax returns and operating payroll as things you will need to generate money to cover, as well as personal tax returns for Directors if they are receiving a wage or income as self employed individuals.  

There are free spreadsheet based systems for recording your income/expenditure but these figures need transferring into the correct format to produce your Annual Accounts.  If you don't want to use spreadsheets then Kashflow, Quickbooks and Zero are all suitable alternatives.  But like spreadsheets these only do your book-keeping and produce management accounts, not the production of your year end accounts or tax return.

Comment by PADOYO CIC on June 23, 2013 at 13:31

Do you have an accounting service success or found the ultimate DIY tax software that does it all. AS a new CIC one of the underpinning philosophical is to create as much financial support for our communities by   building and growing "lean & mean" sustainable companies.

I need as much input into selecting the best HMRC system possible for next to nothing. I have found a number of possibilities but I wish to gain the benefit from those with experience.

Are you able to post your info to empower the rest of us to improve our ability to fulfill CIC objectives.

Thanks  Paul Young 

   

Comment by emily woldon on June 21, 2013 at 20:02

Hi all,

Would anyone know of someone experienced in CIC accounts for the dorset region? we are looking at going CIC ltd by guarantee (possibly small membership) - just struggling to find an affordable but good accountant who is experienced in cic accounts. We have had a recommendation for one - just looking to see whats available to give us a bit of choice. We are a start-up business and have no funding (yet) so need something that isn't at the higher end of the market (cost wise) to begin with ...

Comment by Ian Burnett on July 31, 2012 at 21:05

Hi Angela - a few snippets for you, I found myself in a very similar position 6 months ago ! First ensure you understand what your organisations objectives are and where funding support is required, else you will get pulled left right and centre and apply for lots of things you won't get ! To help avoid this I registered on the National Funding Central website which is funded by the Government ( http://www.fundingcentral.org.uk/) to help steer charities and CIC's to grant sources. You can set up a weekly e-mail feed that will notify you of grant opportuntiies in your area. You can also do a customised search for different types of grants so you can understand what might be relevant.

I also made contact with our County Council who have a full time External Funding Officer and a Community Engagement Officer whose jobs are to help community and charity groups get off the ground. They also had a drop in service where they will search the national grants databases and recommend suitable grant funding routes for you.

Hope useful.

Rgds, Ian

 

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