Latest blogs
Community Interest Company (CIC) Reporting
While completing a set of CIC accounts recently, it struck me that not a lot is written about CIC reporting, so I thought it would be useful to share this information. As mentioned in a previous blog a CIC is a type of limited company structure. It is a company...
2023 Spring Budget: How it affects you, me and our businesses (in plain English)!
Taxes and Allowances: No changes to what we already know from the last Autumn Budget; still money grabbing! Corporation Tax: 19% for businesses with profit up to £50k (same as now for all businesses and all profit levels). From 1 April: 25% for businesses with...
Cash Accounting or Accrual Accounting: which is better?
Cash Accounting: The emphasis of cash accounting is on the flow of cash i.e. recording transactions when the money is received and when it goes out, so transactions will mirror what’s in the bank statement; and you only pay tax on basis of cash flow. Accrual...
After the Grant Award comes Fund Accounting!
Congrats! That grant application you submitted a few months ago has been successful! Now you can start spending! Did you know the grant is subject to fund accounting? What is Fund Accounting: It is a method of accounting for donations, used by non-profit...
5 Top Tips for Winning Grant Applications
Donor funds is the lifeline f most charities, so grant applications are a constant! Here are five top tips that will go a long way in giving you a chance to be awarded the grant! Maintain an active relationship with existing funders (e.g. send regular update of...
Is a Community Interest Company (CIC) a Charity?
Simple Answer: No, a CIC is not a Charity! What is a CIC – this is a relatively new form of company. It was introduced in 2005. It is for businesses with a social purpose whose profits and assets are mainly used for the same purpose in the business or the community....
Charity Organisations: Different Structures
The Charity Act defines a Charity as an organisation that is established for charitable purposes only and is subject to the control of the High Court’s charity law jurisdiction. Charitable Purpose: A charity’s purpose will usually be found documented in its governing...
Vehicle: Actual Expense or Mileage Expense Claim
How do we and recognise and claim vehicle expenses as a tax-deductible expense is a question I often get asked by sole-trader/self-employed clients. To respond, there are two ways, By claiming mileage expenses (i.e. adopting simplified expenses) or By claiming actual...
Self – Assessment Tax Returns – Time Saver/Final Check Information
Below are the forms to be completed when submitting paper tax returns (by the deadline of 31 October), depending on your source of income. SA100 – the main tax return SA101 – only used if you are submitting a paper return (to record less common income, interest and...