CIC Accounting Services

Managing finances is crucial to the success of any organization, and CICs are no exception. Our experienced team of accountants is well-versed in the specific accounting requirements for CICs. We offer a wide range of services, such as:

• Bookkeeping and financial record keeping
• Preparation and filing of annual accounts
• Management accounting and financial reporting
• Cash flow management and budgeting

With our tailored CIC accounting services, you can focus on your mission while we handle the numbers.

Navigating the complex world of taxation can be challenging for CICs. Our expert team is here to guide you through the tax landscape, ensuring compliance and identifying opportunities to optimize your tax position. Our CIC taxation advice services include:

• Corporation Tax planning and compliance
• VAT registration, planning, and returns
• PAYE and payroll services
• Tax-efficient strategies for your CIC

With our in-depth knowledge and expertise, you can be confident that your CIC is in good hands when it comes to taxation matters.

Starting a CIC can be a rewarding experience, but the process can be daunting. Our team is here to support you every step of the way, from choosing the right structure to registering with Companies House and the CIC Regulator. Our CIC formation and registration services cover:

• Guidance on choosing the best CIC structure for your organization
• Assistance with preparing the necessary documents, including the Memorandum and Articles of Association and CIC36 Form
• Submission of documents and registration fees to Companies House and the CIC Regulator
• Support with setting up a bank account and other initial operational tasks

With our expertise in CIC formation and registration, you can start your CIC journey on the right foot.

Things to consider when starting a CIC. A simple guide to CIC

We’re here to help you navigate the process of setting up a Community Interest Company (CIC). This type of organization is designed to benefit the community while still allowing you to run a sustainable business. Let’s dive into the key things to consider when starting a CIC and provide you with a simple guide to follow.

1. What is a CIC?

A Community Interest Company (CIC) is a type of social enterprise in the UK, designed to provide benefits to the community while still operating as a business. CICs have a “community interest” focus, meaning they must use their assets and profits to create a positive impact on society.

2. Understand the CIC structure options

When setting up a CIC, you have three different structure options to choose from:

• CIC Limited by Shares: This option allows you to issue shares and distribute dividends to shareholders, albeit within capped limits.
• CIC Limited by Guarantee: This structure has no share capital, and its members guarantee to contribute a fixed amount if the company is wound up. This is a common choice for charities and non-profit organizations.
• CIC Public Limited Company (PLC): A CIC PLC can offer shares to the public, but this option is less common due to its complex nature and additional regulatory requirements.

3. Develop a clear business plan

A strong business plan is crucial for any CIC. It should outline your organization’s objectives, target audience, revenue streams, marketing strategies, and financial projections. A well-thought-out plan will not only help you secure funding, but it will also provide guidance as your CIC grows and evolves.

4. Prepare the necessary documents

To register a CIC, you’ll need to submit the following documents to Companies House:

• Form IN01: This form provides essential information about your company, such as its name, address, and director(s).
• Memorandum of Association: This document outlines the initial subscribers to the company’s shares or guarantees.
• Articles of Association: These are the rules governing the management of the CIC, including its purpose and how decisions are made.
• CIC36 Form: This form demonstrates how your organization meets the community interest test, detailing your company’s activities and how they will benefit the community.

5. Register with Companies House and the CIC Regulator

Once you have prepared the necessary documents, submit them to Companies House for registration. You will also need to pay the required fees for both Companies House and the CIC Regulator. After your application has been reviewed and approved, you’ll receive a Certificate of Incorporation, and your CIC will be officially registered.