Conversion to CIC
I have a members club which is incorporated under the Industrial & Provident Societies Act 1968. The club is for social activities and provides drink at lower than pub prices. Due to the audit/reporting accountant requirements we are exploring the possibility of changing the legal structure. I was wondering if anyone had any experience of converting this type of club to a CIC and if so:
a) was there any problem in meeting the requirement to provide a community benefit
b) what happens to the mutual trading status for tax purposes?
Any comments or suggestions much appreciated.