Community Interest Company

Community Interest Company

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I have been asked to prepare accounts and submit returns to HMRC and Companies House for a small community interest company.  Are there any differences between a CIC and a standard LTD for this work?

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Teignmouth
By Paul Scholes
07th Feb 2013 23:10

Not much...but

A CIC is just the same as any other Ltd company as far as the accounts are concerned but it also has to submit a CIC return of its activities to Cos Hse.  This doesn't have to go in with the accounts but most people send them in together, the directors are responsible for preparing the report, you should not be persuaded to suggest the content.

Having said all that CIC's do have special restrictions on what they can & can't do and so it's worth making sure you are familiar with these.  They are not rocket science.

Best source of info is the CIC regulator's website and in particular the guidance section.  Start with chapter 8 the "Statutory Obligations" bit.

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By David160
07th Feb 2013 23:31

See the CIC regulator

The CIC regulator is at www.bis.gov.uk/cicregulator/  All the requirements are there. Basically a CIC is the same as a normal limited company, but has extra rules to obey eg. asset lock, dividends payable, community interest test. The annual return needs doing as usual, corporation tax return and accounts need filing as usual. The accounts and CIC report need to be filed (with a fee), together, manually at companies house. Note, online filing at companies house is not possible.

 

Go to the CIC regulator's website, at www.bis.gov.uk/cicregulator/  they have a lot of guidance and forms (including the CIC report see www.bis.gov.uk/cicregulator/forms-introduction/index/cic-reports-accounts ). It is a very useful resource.

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By Fred Smith
10th Feb 2013 14:16

Great.  Thanks for the advice

Great.  Thanks for the advice and web links.

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