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GuidesBlogAboutContact Start the checkHome / Who we help / Accountants for CIC start-ups
Accountants for CIC start-ups, from formation to your first CIC accounts
Accountants for CIC start-ups are usually called in at two moments: when the community interest statement needs writing, and when the first funder asks for a spend report.
Most new CIC directors are running the project and the paperwork at the same time. Miss the CIC34 and Companies House chases you while a funder waits. We agree a fixed fee in writing before we start, and tax investigation cover is included free for every client.
In one lineSupreme Consultants is an AAT licensed accountancy practice in Cardiff Bay that forms community interest companies and files CIC accounts, the community interest report and grant reports for start-up CICs across South Wales. Work is done on a fixed fee agreed before it starts, with tax investigation cover included free.
Check we’re the right fit
A few questions about your business. Mudassir replies the same working day.
Thank you Mud, your help and support with my VAT return is greatly appreciated. Always a prompt response and my difficult VAT return was quickly submitted and resolved. Would definitely recommend.
5.0 on Google from 14 reviewsReply the same working dayFee fixed before we startEnglish, Urdu, Hindi and Farsi spokenIs your CIC in good hands? Three questions.
Answer with the buttons; there is no email to give.
Question 1 of 3
Does your accountant reply the same working day?
Do you know your fee for the year will not change?
Could your accountant produce a funder’s spend report this week without being asked twice?
Three noes means your CIC is carrying work the directors should not be doing. Start the check and Mudassir reads your answers and replies the same working day.
Start the checkThat is a reasonable position for a new CIC, with one gap worth a conversation. Start the check and tell us which answer was the no.
Start the checkThree yeses means you are well served and there is nothing to fix today. Read the guides and keep us in mind for the next grant round.
Read the guidesWhat you get
Tax investigation cover included free
If HMRC opens an enquiry we deal with it and you pay us nothing extra. Other firms sell this cover as an add-on for £300 to £1,000 a year. Every HMRC investigation we have handled, we have won.
The report your funder asks for
We write the quarterly and six-monthly spend, budget and forecast reports. Hand your funder the report on the day they ask for it.
A fixed fee agreed before we start
You know the fee in writing before any work begins. Ringing us a week before a grant deadline costs nothing.
What new CIC directors tell us
These are the three things we hear most in a first call from a new CIC.
“Our funder wants a quarterly spend report by Friday and nobody here knows how to produce one.”
The project work stops while a director builds a spreadsheet, and the next bid slips.
“We registered the CIC ourselves and now Companies House wants a community interest report we have never seen.”
Late CIC accounts bring a filing penalty and a funder who starts asking questions.
“Half our income is restricted grant money and I do not think the accounts show it properly.”
A funder reading those accounts cannot see what their money paid for, so the next grant is harder to win.
What changes once we take it on
We map every date for the year: CIC accounts, the CIC34, corporation tax and each funder report. We write the spend, budget and forecast reports from your bookkeeping. You ring us when a deadline moves and it costs nothing.
How a CIC is usually filed, and how we file it
Plenty of good accountants file a CIC the way they file any small company.
An accountant new to CICs
Year-end accounts prepared and filed on time.
The community interest report left for the directors to write.
Grant income shown in one line with trading income.
Funder reports treated as extra work, billed separately.
With Supreme Consultants
Accounts and the CIC34 prepared and filed together.
Restricted grant income shown the way a funder reads it.
Quarterly and six-monthly spend, budget and forecast reports written for you.
Calls, meetings and emails are never charged on top.
Eight questions about your CIC set-up
Answer each one yes or no and you will see where the gaps are.
Is your community interest statement filed and on record at Companies House?
It goes in at formation and the regulator reads it.
Do you know the date your first CIC accounts and CIC34 are due?
Both go to Companies House together and late filing brings a penalty.
Is restricted grant income recorded separately from trading income?
Funders want to see what their money paid for.
Could you produce a spend report against budget this week?
Most funders ask quarterly or six-monthly and expect it on time.
Are director payments agreed, recorded and within the CIC rules?
A CIC has caps and reporting that an ordinary company does not.
Is your bookkeeping in cloud software rather than a folder of receipts?
Reports come out of clean records, not out of a shoebox.
Have the directors completed Companies House ID verification?
We do this free for our clients.
If HMRC wrote tomorrow, would someone deal with it at no extra cost?
Tax investigation cover is included free for every client of ours.
What we do for your CIC start-up
Formation, filings and the reports funders ask for, on one fixed fee.
All Who we help- CIC formation
- We set the CIC up at Companies House, including the community interest statement. It comes with ongoing accounts work rather than on its own.
- CIC accounts and CIC34
- Annual accounts and the community interest report prepared and filed on time, explained in plain English.
- Grant reporting for funders
- Quarterly and six-monthly spend, budget and forecast reports, with accounts ready early when a bid deadline is coming.
- Bookkeeping, VAT and payroll
- Records kept in cloud software, with a free move to Xero if you want to switch, plus payroll and pensions for your first staff.
- HMRC and Companies House work
- We deal with HMRC for you, and director ID verification is done free for clients.
What we already do for CICs around Cardiff
We write grant reports for more than ten community interest companies in and around Cardiff. Mudassir and Shaista also founded LedgerUp CIC, which trains young people in accounting.
Clients described by type. Names withheld.
- How it was found
- Funders ask for quarterly and six-monthly spend, budget and forecast reports the organisation cannot produce itself.
- What happened
- We write the reports, have accounts ready early for grant deadlines, and introduce CIC clients to a fundraising consultant who helps find the next grant.
Reviews from clients
Thank you Mud, your help and support with my VAT return is greatly appreciated. Always a prompt response and my difficult VAT return was quickly submitted and resolved. Would definitely recommend.
I just want to say a big thank you to Mudassir for all the advice, guidance and help he has provided whilst dealing with my accounts and tax returns. From start to finish the service has been excellent and professional. Unlike other accountancy firms they provide a friendly personalised service, I was very clear on the process and was even provided with additional guidance where needed. Highly recommended!
Friendly, nice 👌 , helpful and great all around
Difficult to describe as there are too many words that can be expressed for a wonderful accountant and their firm.
Definitely 🔝 and highly recommended in Wales 🏴 and throughout the UK for Accountancy and Tax Services
Shaz Khan
Getting started
Four steps, from your first answers to the first full year mapped out.
- Before you join
Your fixed fee agreed
You answer a few questions on the site. Mudassir reads them and replies the same working day, and we agree your fixed fee in writing before any work starts.
- Week one
Records and authorisations in place
We complete your ID checks and write to your current accountant for your records. HMRC and Companies House authorise us as your agent.
- First month
Every CIC deadline mapped
We go through past accounts, returns and HMRC records. We map the year ahead, including the CIC34 and each funder report date.
- By ninety days
Directors paid and books set up
We sit down with you on how the directors are paid and on your bookkeeping. You know what is coming up and who to call.
Who we are not right for
We do not take on CIS construction subcontractors.
We do not act for registered charities.
We do not take on a business already late in an HMRC investigation.
If you are unsure which side of that your CIC falls on, start the check and we will tell you straight.
Accountants for CIC start-ups: questions people ask
What do accountants for CIC start-ups charge?
We quote one fixed fee, agreed in writing before any work starts, covering the work you actually need: bookkeeping, accounts, the CIC34 and your funder reports. Calls, meetings and emails are never billed on top. We do not publish prices for CIC work because the reporting a funder wants varies. Answer the check and we come back with a figure.
We already have an accountant. How do we switch to you?
You do not have to ring them. We write to your current accountant for your records and handle the professional clearance ourselves. We complete your ID checks, get authorised as your agent with HMRC and Companies House, then review the last accounts and returns. The handover and your first month carry no separate charge.
What happens if HMRC writes to our CIC?
Send us the letter and we deal with HMRC for you. Tax investigation cover is included free for every client, so an enquiry does not bring an extra bill from us. Every HMRC investigation we have handled, we have won, although that is past fact and we cannot say in advance what HMRC will decide in any case.
Do we have to change our bookkeeping software?
No. We work with the cloud software you already use. If you want to move to Xero we do the migration free, and if you are still on spreadsheets we set you up properly so grant spend can be reported against budget. The decision stays with your directors.
Do accountants for CIC start-ups file the community interest report as well?
We do. The community interest report, the CIC34, goes to Companies House with your annual accounts and tells the regulator what the CIC did for the community and how the directors were paid. We draft it from what you tell us about the year, then file both together.
Can you form the CIC for us if we have not registered yet?
Yes, as part of ongoing work rather than as a standalone job. We register the company, write up the community interest statement for the regulator and get your first year of deadlines mapped. Then we keep the books, file the accounts and the CIC34, and write the reports your funders ask for.
Three ways to take the next step
Start the check
Answer a few questions about your CIC and Mudassir replies the same working day with what we would do and the fixed fee.
Start the checkAsk Mudassir a question
Ring 029 2264 0550 or email us about the CIC34 or a funder report, and the call costs nothing.
Ask Mudassir a questionStill deciding
The guides set out the deadlines a new CIC has to meet and what funders usually ask for.
Read the guides