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: 175
Latest Activity: Sep 9

Discussion Forum

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.

Re training costs

Hi I think I posted this incorrectly before so apologies for that (!) We would like to commit some of the surplus we are currently generating toward supporting counsellors and students with training…Continue

Started by Rachel Gardiner-Hill Aug 2.

PARTIAL EXEMPTION - HELP(!) 3 Replies

HelloCan anyone point me in the direction of a worked example of a Partial Exemption calculation for VAT that I can even understand?  Even our accountants seem to be having trouble explaining to me…Continue

Started by Rachel Gardiner-Hill. Last reply by Mahmood Reza May 30.

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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!

Comment by Karen Haworth on July 2, 2018 at 17:51

Looking for accountants in the North West. Knowledge of CIC and trading internationally.

Comment by Patricia on April 16, 2018 at 11:46

Hello - we are a trading CIC and all surplus profits will be gift aided to our CIO at year end. I understand we have nine months to complete this transfer and just wondered how it should be shown in the accounts ie should we show a nil balance or can we carry forward any accruals?

Comment by Rachel Gardiner-Hill on February 20, 2018 at 17:17

Hi 

Can anyone share their experience of managing reaching the trigger point for VAT registration as a CIC, we hadn't thought we would get to ti this financial year but it's approaching at the speed of an express train and we will have to do it soon.  This is problematic for us as a counselling CIC as it runs counter to our social mission of providing affordable counselling as it will involve a further fees hike increase on the back of one we have just done annually.  We recognise we don't qualify under healthcare professional exemptions but wonder how others have met this challenge.

Comment by Naresh Rao on January 13, 2018 at 17:11

Simon

I specialise in CICs so why don't you ring me to discuss your situation.

If you have very few transactions  the accounts should be relatively simple. Not sure why you accountants are being so slow.

Naresh

NRL Finance

M: 07526 716013

Comment by Simon Odell on January 13, 2018 at 15:42

Hi My CIC has been going a few years and I have had an accountant who was reasonable in dealing with everything. This year they have been rather slow and a bit tetchy when I have asked about progress quoting new complexities - but my CIC probably has only about a dozen in/out transactons!. I am now rather anxious about contacting again but I have for a few weeks now been worried that they are not going to complete the submission nor let me know in time to find someone else. Submission is due by April. How  long should I leave them to complete before finding someone else? And is there a thread on this group which talks about recommended accountants? (I can't see a search button)

Comment by Naresh Rao on November 29, 2017 at 18:13

Hi Jenny

I suggest you ring me on the number I previously provided and I will talk you through this

Naresh

Comment by Jenny Tompsett on November 29, 2017 at 16:46

Thanks Margaret. Yes, we carry forward grant income that spans a financial year as Deferred Income on our balance sheet so OK there. Thanks again

 

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