Setting up a CIC

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Comment by Liz Llewellyn- Rees on Tuesday

Reduced Cost Accountancy

We are continuing with our plan to roll out a service for CIC’s. We are looking for more CIC's that may be interested for pairing with Volunteers in March.
This will involve a team of volunteers preparing year end accounts and
corporation tax returns for CICs, for a fixed fee of £200 pa.
The team of volunteers will be supported by Social Enterprise Accounts CIC.
 
CIC’s
Any CIC’s interested in this service should email liz@socialenterpriseaccountscic.co.uk .
 
Volunteers
It is anticipated that accountants employed elsewhere will volunteer
​to help one or two CIC’s.
We will have a list of CIC’s requiring help and you will be able
to choose off it.
Please e-mail liz@socialenterpriseaccountscic.co.uk if you are
interested in more information. As a minimum we would be looking
for you to prepare the CIC’s year end accounts and
​corporation tax return. It is up to you and them if you want to help them with anything extra (e.g., bookkeeping, management accounts, attending board meetings).
 
Why Offer This Service?
For a lot of smaller CIC’s, the cost of having to have annual company accounts done, let alone anything else is prohibitive. This service will aim to help match up such CIC’s with appropriate volunteers who wish to help such organisations within their local community. It will also provide access to things like software for preparing accounts and tax returns. CIC specific advice, extra services not able to be provided by your volunteer and back up from Social Enterprise Accounts, we will be there should your volunteer not prepare your year-end accounts on time or similar. In short, we’ll be aiming to provide a traditional accountancy service but cheaper.

Comment by Chris Crowstaff on November 19, 2020 at 19:56

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 James Macfarlane on May 23, 2018 at 22:07

Hi Elizabeth, as ever I would encourage you to create a 'discussion' for questions as it makes it so much easier to track replies than in comments. Probably the best thing to do is pick up the phone and call the funders you are looking to apply to. They will most likely confirm exactly what their requirements are, and are often much more flexible than it would appear from reading the requirements on their websites.

Kind regards

James

Comment by Elizabeth Hall on May 23, 2018 at 18:22

Dear All,

First of all I would like to thank those of you who contribute to the problem solving forum - you really ARE a blessing to all who come here!                                                                                                                So - we are awaiting confirmation of our conversion from a Ltd company any day now. Myself and my business partner are listed as the 2 Directors. We were about to apply for some funding when we came across a site that mentioned that these days most funders will reject applications  if there are not '3 non exec Directors who receive no benefits', to oversee the spending of the ring fenced money? My partner and I are new to setting up a business so we are complete novices. We have been thrown into a panic and wonder if anyone could confirm what we need to do so we can fulfil the criteria that funders demand?

Comment by Steve Mitchell on February 27, 2018 at 17:35

Cheers John, we set up the first CIC - Ive been a sole trader for many years so of course I managed to mess up the companies house by only sending my accounts to HMRC instead of CH as well, so just getting over those teething problems and wanting to get this bit right.  There will be one member the same and then some different ones ...

Comment by John Mulkerrin on February 27, 2018 at 17:02

Hi Steve

You can do it as an LTD or a CIC. It can be a subsidiary or separate, and the CIC can have an LTD subsidiary.

If you have them separate but run by the same people they will potentially be 'associated' for tax purposes https://www.gov.uk/corporation-tax-rates

Comment by Steve Mitchell on February 27, 2018 at 16:43

Hi I wonder if anyone can advise. I have a CIC which works with adults with disabilities through theatre across the midlands. One of my groups wants to set up a specific film group and I am wondering whether to set it up as a separate company (Ltd) with members on the board OR as a separate CIC, again with members on the board and Whether that film CIC can be a subsidiary of the main theatre CIC or has to be separate?

Comment by Ariane Mercurius-Taylor on February 7, 2018 at 10:26

Dear all,

I am a director of a Professional Body for Private Tutors and we are considering converting our company limited by guarantee into a CIC.  We are seeking funding so that we can expand our membership reach and assist with events during the year to benefit our community of Tutors which will serve to benefit the students we tutor,

1. Would the Association would qualify to become a CIC?
2. What grants or donations may be available to the Association a. as it is currently formed and b. if it was able to register as a CIC?
3. Would CIC registration restrict the activities of the Association as a professional body?

I appreciate your feedback in advance.

Ariane

Comment by Sue Westwood on January 15, 2018 at 14:36

Hi all, I am in the process of completing INO1 form. Part 4, Statement of Guarantee. We are opting for Guarantee model.  Can anyone provide further guidance on Subscribers, are these all members (Directors, employees, secretaries etc). And my thoughts where that the asset lock covered any wind up costs, including which would be minimal liability for its members? therefore amount guaranteed should be? ... Thanks in advance. 

Comment by Hilary Sudbury on October 30, 2017 at 18:13

is it possible to convert from a CIC Ltd by Share to a CIC Ltd by Guarantee?

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