Can CIC34 be filed online?

On 2 September, 2019, the Office of the Regulator of Community Interest Companies announced that most of the 17,000 CICs in the UK will be able to file their accounts online.

What is form cic34?

The Office of the Regulator of Community Interest Companies (CIC Regulator)’s forms for submitting a simplified or detailed CIC report, with examples.

Can you sell a CIC?

Can you sell a community interest company? The short answer is, if you’re looking to start a business that you then sell on, you’ll probably be better off choosing another legal structure. They can be transferred to another asset-locked organisation in some cases, such as another CIC or a charity.

Can a CIC file micro entity accounts?

CICs who currently file “abridged” accounts or “micro-entity” accounts are eligible to use the filing service but would need to file using the small-“full” format; as “micro-entity” and “abridged” accounts formats are not yet available to file online.

Can a limited company become a CIC?

A CIC must be a limited company, so an unincorporated charity (including charitable trusts) can’t convert to a CIC . However, a charity could not transfer its assets so that they became part of the corporate property of a CIC .

Can a director of a CIC be paid?

A major advantage of CICs is that their directors can be paid a salary, which means that the founders of the CIC can retain strategic control of the enterprise by sitting on the board as paid directors.

How do I shut down a CIC?

There are two ways to voluntarily dissolve a Community Interest Company. Under section 53 of the Companies Act 2004 a CIC may only be allow to cease either through dissolution of the company or by converting the CIC to a charity. It should be noted that a CIC cannot be converted into an ordinary limited company.

Can a CIC make profit?

A community interest company (CIC) limited by guarantee is a ‘not for profit’ company, this means that it does not operate for private profit. Any profit generated is used to grow and develop its business which is benefiting an identified community, or goes directly to benefit that community.

Can a CIC pay its directors?

Does a CIC need an audit?

The accounting requirements for a CIC are the same as those of other companies (the amount of detail, and the extent to which an audit is required varies with the size of the company, and according to whether it is public or private).

Do CICs pay corporation tax?

CICs are taxed in the same way as normal companies. They are subject to corporation tax and VAT and a CIC that makes donations to charity can deduct this as a charge when calculating its profit for corporation tax purposes.

Can a CIC fundraise?

A CIC will typically not be dependent on donations and fundraising as it will have a mix of income including contracts, trading income and grants. There are also many charities that are largely dependent on contracts for income rather than fundraising and grants.