CIC Association

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Naresh Rao
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Patricia left a comment for Naresh Rao
"Hi Naresh - can you advise on gift aiding surplus profit of a CIC to its' charitable body a CIO?  Unfortunately this will be the first and last year of this CIC as it has ceased trading. There are some assets to sell or transfer to the…"
Aug 4
Paul Johnson left a comment for Naresh Rao
"Hi Naresh, Re Your comment below, are you disagreeing with the advice elsewhere on the site about using Deferred Income on the Balance Sheet as a way of reducing apparent surplus in P&L - ie matching the grant with the expenses incurred over a…"
May 13
Naresh Rao commented on Heidi Fisher's group Accounts Group
"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"
Jan 13
Naresh Rao commented on Heidi Fisher's group Accounts Group
"Hi Jenny I suggest you ring me on the number I previously provided and I will talk you through this Naresh"
Nov 29, 2017
Naresh Rao commented on Heidi Fisher's group Accounts Group
"Hi Jenny CIC's are subject to corporation tax on any surplus they make. The "not for profit issue" relates to needing to reinvest any surplus to the business rather than distribute to shareholders. If most of your income comes from…"
Nov 28, 2017

Profile Information

What is your postcode?
BS9 4DF
Name of organisation (if any) you are associated with?
Portland Centre for Integrative Medicine
Is that organisation a CIC?
Yes
Are you interested in representing a CIC at the CIC Association AGM?
No
Are you interested in working in partnership with the CIC Association?
No

Comment Wall (2 comments)

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At 16:25 on August 4, 2018, Patricia said…

Hi Naresh - can you advise on gift aiding surplus profit of a CIC to its' charitable body a CIO?  Unfortunately this will be the first and last year of this CIC as it has ceased trading. There are some assets to sell or transfer to the CIO.  Any help would be appreciated, - Thank you Patricia

At 12:48 on May 13, 2018, Paul Johnson said…

Hi Naresh, Re Your comment below, are you disagreeing with the advice elsewhere on the site about using Deferred Income on the Balance Sheet as a way of reducing apparent surplus in P&L - ie matching the grant with the expenses incurred over a number of years?

Thanks

Paul

Comment by Naresh Rao on November 28, 2017 at 0:09

Hi Jenny

CIC's are subject to corporation tax on any surplus they make. The "not for profit issue" relates to needing to reinvest any surplus to the business rather than distribute to shareholders.

If most of your income comes from grant then most should be spent on the projects that the grant was provided for, and so in the long run there is no profit as all the grant is spent.

But in any given accounting period if there is surplus, tax is payable.

I am happy to talk you through this over the phone if it would help.

Naresh Rao

NRL Finance Ltd

offering stress free business solutions to small businesses and especially CICs

M: 07526 716013

 
 
 

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