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Lucie Brooke
  • United Kingdom
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Lucie Brooke replied to Lucie Brooke's discussion Tax return in the group Accounts Group
"Many thanks Andy - much appreciated"
Feb 12
Andrew Fleet replied to Lucie Brooke's discussion Tax return in the group Accounts Group
"Hi Lucie, as Heidi says you will need software to do this and £150+VAT is a very good price for piece of mind knowing it has been submitted correctly. Thanks, Andy"
Feb 12
Lucie Brooke replied to Lucie Brooke's discussion Tax return in the group Accounts Group
"Many thanks for your reply Heidi Does the £150 plus vat quote sound reasonable to you (we're based on London)? As I have no real understanding of what's involved , I don't know how long or complicated a task it is. We are a…"
Feb 12
Heidi Fisher replied to Lucie Brooke's discussion Tax return in the group Accounts Group
"It's virtually impossible to file your tax return without using some form of software and it is easier and quicker to pay an accountant to do this in most cases as tagging the items in your accounts manually takes ages and you would still need…"
Feb 10
Lucie Brooke added a discussion to the group Accounts Group
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Tax return

HiWe are in the process of filing our end of year accounts online. Last year this was completed by an accountant following a donation which covered their fee. This year (2nd year) we do not have the funds and are hoping to be able to complete it ourselves.Our accounts have been prepared by our Treasurer (Word doc) and filed with Companies House.I have been advised by an accountant that to complete our tax return online we need a 'tagged' file and that to prepare the file will cost £150 plus…See More
Feb 9
Lucie Brooke replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Thanks Margaret"
Dec 11, 2017
Lucie Brooke replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Thanks Andrew"
Dec 11, 2017
Andrew Fleet replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"The funds have been given to you to spend but have a caveat on them as to what they can be spent on. This shouldn't affect the accounting treatment we mentioned before."
Dec 11, 2017
Margaret Manuell replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"We understand that the grant money in hand is held on behalf of the project still to be delivered, so it is not an asset but a debt owing, like a manufacturer's order, say, that has been paid for up front, but not yet delivered.. That is how we…"
Dec 11, 2017
Lucie Brooke replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Thanks Araine!"
Dec 11, 2017
Lucie Brooke replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Thank you Andy V helpful!"
Dec 11, 2017
Ariane Mercurius-Taylor replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Unspent funds should be shown as deferred income on the balance sheet as rightly pointed out in Andrew's post.  It will reduce your overall surplus - logic behind this is that the funds will be used in following years on projects…"
Dec 11, 2017
Andrew Fleet replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Hi Lucie, absolutely you should show them on the balance sheet as a creditor (Deferred Income). Then as you use them in the following years you will release them (Dr Deferred Income, Cr Income) to match against the expenditure. Hope that helps. Andy"
Dec 11, 2017
Lucie Brooke added a discussion to the group Accounts Group
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Grant funds balance sheet

HiWe are in the process of preparing our year end accounts, prepared by our Treasurer and verified by an accountant not linked to our organisation (as is often required by grant funders) We can not get agreement as to whether unspent grant funds (to be used in the next financial year) should be included in the balance sheet (with same amount reported as a creditor in the balance sheet too) or not - on the basis they are not owned by us and therefore not an 'asset'Clarification would be much…See More
Dec 11, 2017
Lucie Brooke joined Heidi Fisher's group
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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
Dec 11, 2017

Profile Information

What is your postcode?
SW11 3HP
Name of organisation (if any) you are associated with?
FREE2B Alliance
Is that organisation a CIC?
Yes
If you have a website, what is your web address?
http://www.free2b-alliance.org.uk
Are you interested in representing a CIC at the CIC Association AGM?
Yes
Are you interested in working in partnership with the CIC Association?
Yes

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