"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…"
"I just want to point out that if you are still holding grant money for a project which spans your financial year, then that is not profit, but moneys or work owing. My suggestion is that Jenny should now go to the online HMRC free helpline for…"
"Hi Margaret. Thank you for responding so promptly. It's very useful to hear of your experience with HMRC. I have looked at your CIC's accounts and we are somewhat bigger than you although hopefully the principle applied by HMRC to you…"
"Yes, you can submit online. I've done it every year since we've had to. First of all, if you dont have Adobe 9 or over, you will need to update to Adobe 11 - free download. The form CT600 then has to be redone so you can fill it in. Use…"
"Good. These things are a pain until you can get to grips with them. The first time I put in our accounts they wouldn't accept them because I hadn't used the correct wording. Best of luck and a happy Xmas."
"Hi Alastair. We actually don't make a profit - what comes in is what goes out. Technically we made a loss in each of the last two years. We hold a small reserve for emergencies. Most of our income is from funding; otherwise we charge our…"
"I forgot to say that we have already downloaded this months ago & I suspect it has either been brought down from the site, or the link which originally went direct to the download has been inadvertently replaced with the URL of Harris &…"
Our problem was eventually solved by an accountancy firm acting as our tax agent pro bono. Because of the nature of our activities and the fact that directors/members are volunteers and receive no share payments, all income being…"
Thanks for your reply. Unfortunately this year they have changed CT600 and it no longer looks like it did. It's no longer an online form but a downloaded Adobe pdf with encrypted permissions, which requires either Adobe 9…"
"Hi - I'm looking for help. Form CT600 defeats me completely & don't know how to proceed. We are a 'not-for-profit' social enterprise. None of our directors are paid as directors and they hold no shares.…"
Hi Margaret. Thank you for responding so promptly. It's very useful to hear of your experience with HMRC. I have looked at your CIC's accounts and we are somewhat bigger than you although hopefully the principle applied by HMRC to you would hold good for us. Thank you also for your suggestion to go to our local CVS for help with finding an accountant. The problem is that opinions seem to vary between accountants (we have had a few opinions) and so I was looking for someone who had concrete experience of HMRC's response. I fully expect others on this discussion group to give a different opinion should I get any more replies. But it's good to hear directly from someone who has that direct experience. Thank you again.