Accounting for companies interest companies can be a huge challenge even for a seasoned accountant. Under CIC Accounting a CIC report must meet certain prescribed minimum reporting requirements.
Hiring a CIC Accountant does help to ensure that the CIC report meets all the regulatory requirements. Also such an adviser can provides a high quality information for shareholders and other stakeholders.
Annual CIC Report Requirements
There like 4 main requirements that needs to be considered very carefully.
- Detailed activity of what the cic has done to benefit the community
- Details of how it has consulted it’s stockholders on it’s activities/operations
- Details of the Dividend declared on shares and to check they have not breached the capping rules. performance related interest paid.
- Information on the transfer of Assets to another asset locked body at less than Market value for the benefit of the community.
Accounting Treatment of Grants to CIC’S
You must read and understand the terms and conditions attached to any grant you receive. This will help you apply the correct accounting treatment.
Many CIC’ss forget to match the grant received against the expenditure incurred during the year. .
Were key conditions are attached, the main thing is to make sure you account for the unspent grant in the balance sheet.
CIC Liabilities could be:
These are defined as a company’s legal financial debts or obligations that arise during the course of its operations.
- Balance of grant not yet used up. As above that will depend on grant conditions
- Wages Payable
- Unpaid bills
- Payments for the financial you knew you had to make but haven’t got a bill for yet.
- Accountants fees for doing the accounts are a typical example.
KG Accountants are one of the leading Community interest accountants in the UK and have excellent in-depth knowledge and expertise in dealing with CIC accounts, CIC Payroll, CIC Bookkeeping, CIC formation, administration right through to preparing and carrying out independent examination of CIC accounts.
The Specialist services we offer to Community Interest Company include:
- CIC Company formation: Setting-up a new organisation: regulatory, taxation, and governance issues
- CIC Accounting
- Community interest Company Accounts
- Help with completing a Community Interest Company Tax return.
- Advice on obtaining a Community Interest Funding
- Help with opening a Community Interest Bank Account.
- Help with obtaining Community Interest Insurance (Social enterprise Insurance)
The above list of services is not exhaustive. We are pleased to offer advice and assistance on any CIC matters.
At KG Accountants we provide a cost-effective, high value solution to meet all of your CIC needs.
All our CIC fees are fixed.
By giving you a fixed and competitive price, we can take the worry away when it comes to running your CIC; allowing you to concentrate on running your organisation.
Arrange a FREE CIC initial consultation.
0207 953 8913
Categories: Community Interest Companies, Community Interest Company Accounts
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