As you will be aware CIC’s are required to submit accounts to Companies House on an annual basis as well as submitting accounts and a CT 600 tax return to the inland revenue.
It is planned to pair volunteers we have recruited with various CIC’s who want to use their services. This will be done three or four times per year by preparing a list of CIC’s who want to use the volunteer service and circulating this list amongst the volunteers for them to choose which CIC’s they wish to volunteer for. The CIC will then be presented with the volunteer’s CV and will have the final say on whether they feel the volunteer is suitable for them. In the three or four months leading up to matching volunteers with CIC’s we carry out various checks on each. Therefore any interested CIC’s are urged to apply as soon as possible. It is anticipated that some volunteers will want to select more than one CIC.
It is expected that the volunteer will prepare the annual year end accounts for Companies House and prepare the CT 600 tax return for the Inland Revenue on behalf of the CIC. The volunteer may provide the CIC with other services such as the production of management accounts, regular bookkeeping or attending board meetings, however this is a matter to be decided between the CIC and the volunteer. Social Enterprise Accounts will only be involved in preparing year end accounts and corporation tax returns unless specifically engaged otherwise.
Social Enterprise Accounts CIC is a firm of chartered accountants registered with the ICAEW and specialising in CIC’s. Volunteers undergo the same rigourous checks as when we take on a new employee or subcontractor (i.e. these include a review of the candidates CV, an identity check, taking two references and an interview via zoom). We are on hand to answer any questions regarding matters specific to CIC’s that the volunteer has not dealt with before. We will also review the accounts prepared by the volunteer before they are submitted to either companies house or the inland revenue. Additionally the volunteer has access to our software, standards and procedures. You will also become a client of this accountancy practice if you need help in the future.
We normally ask for accounting records from CIC’s using the volunteer service to be submitted to us within three months of the CIC’s year end. We then ask the volunteer to have the accounts filed with Companies House within six months of the CIC’s year end. This leaves three months to spare where any problems can be rectified. (The deadline for submitting accounts to companies house is nine months after the CIC’s year end and the deadline for submitting a CT 600 and accounts to the Inland Revenue is 12 months after the CIC’s year end).