Community Interest Company LTD by Guarantee

Community Interest Company LTD by Guarantee

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Hi

I have to prepare first year accounts of a Community Interest trading Company Limited by Guarantee.

Any diff as compare to normal trading company?

Company received couple of grants and donations from council and other sources. And the only source of non trading LR is untaxed bank interest.

I will appreciate if anyone please guide how to treat Grants/Donations and interest income in accounts and tax return.

Thanks

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RLI
By lionofludesch
13th May 2014 13:06

Same

Pretty much the same from your point of view.

The directors need to file a report with the accounts.  You shouldn't be getting too involved in this though you should maybe monitor that they've covered all the points they should cover - and make sure that what they say is true, obviously.  It all has to be filed together with a fee (£15, if I remember rightly).  You can't file online (probably not worth developing the software) so don't leave it too tight to the deadline.

There's good help on a link from Companies House website.  Huge manual of guidance notes to download.

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By judydean
13th May 2014 14:24

Steve Collings posted a useful article on accountingweb entitled 'Grant accounting - what you need to know'. See link below:

https://www.accountingweb.co.uk/article/accountingweb-guide-grant-accoun...

 

 

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