Here’s a sobering truth: 40% of social enterprises that register as CICs get rejected on their first application attempt. Not because their mission isn’t worthy, but because they misunderstand what the CIC Regulator actually wants to see. You’ve got an… Read More ›
Are CICs Tax-Exempt? It’s a common misconception that CICs, like charities, are fully exempt from taxes. However, CICs are taxed in much the same way as regular companies. They are subject to Corporation Tax on their profits and, if they… Read More ›
As a director of a Community Interest Company (CIC), you might have questions about compensating yourself while staying within regulatory guidelines. CICs are unique because, unlike traditional companies, they are built to serve the community rather than generate profit for… Read More ›
Introduction: Understanding Trustee Tenure in Charities Charity trustees play an essential role in guiding and overseeing their organizations. They set the charity’s strategic direction, ensure compliance with regulatory requirements, and help secure long-term sustainability. But one question often arises: how… Read More ›
Submitting accounts as a Community Interest Company (CIC) is an essential responsibility that requires careful attention to detail. Properly filed accounts help maintain transparency, compliance, and public trust, while avoiding mistakes can save your CIC time and resources. In this… Read More ›
Properly submitting charity accounts is essential for UK charities. Whether you’re a small charity or one with a larger income and multiple trustees, filing accurate accounts on time keeps your organization compliant, builds trust with donors, and maintains transparency with… Read More ›
Introduction: Understanding CIC Conversion If you’re considering taking your business in a new, socially conscious direction, converting to a Community Interest Company (CIC) might be the perfect next step. CICs are ideal for businesses looking to operate for the benefit… Read More ›
Introduction to Charity Formation in the UK Forming a charity is an exciting venture that allows you to create an impactful organisation dedicated to a purpose you’re passionate about. In the UK, the Charitable Incorporated Organisation (CIO) structure is especially… Read More ›
As half term unfolds across the UK, October 2024 brings a mix of family-friendly activities and essential updates for community interest companies (CICs) and charities alike. While you explore London’s bustling exhibitions, creative workshops, and exciting shows with loved ones,… Read More ›
For those managing a charity or community interest company (CIC), having a bank account specifically designed for non-profits can be invaluable. These accounts facilitate easy donation tracking, offer insightful financial tools, and streamline the process of claiming Gift Aid. Explore… Read More ›
As London pulses with the excitement of Taylor Swift’s Eras tour at Wembley Stadium that kicked off on June 21st, fans revel in the anticipation of her surprise song choices. This vibrant energy extends beyond the music scene, with the… Read More ›
As May 2024 comes to a close and the UK gears up for a general election on July 4, the landscape of charitable funding and Community Interest Companies (CICs) is witnessing significant developments. This roundup brings you the latest insights… Read More ›
In the vibrant realm of community interest companies (CICs), every resource plays a crucial role in advancing your mission. Among these, efficient payroll management stands out as a linchpin for organizational success. However, handling payroll in-house can prove daunting, diverting… Read More ›
In today’s fast-paced business environment, efficiency is key. Every minute counts, and every resource must be optimized to ensure success. One area where businesses can significantly enhance their efficiency is payroll management. By outsourcing payroll, particularly as a CIC (Community… Read More ›
As March draws to a close and the vibrant colours of spring begin to emerge, it’s not just nature that’s experiencing a season of renewal; the world of charitable organizations and community initiatives is buzzing with excitement too! With Easter… Read More ›
February has been an eventful month for Community Interest Companies (CICs) and charitable organizations seeking funding to support their noble causes. From innovative funding strategies to emerging trends in philanthropy, there’s much to explore in the realm of social impact… Read More ›
As directors of Community Interest Companies (CICs), navigating the terrain of compensation can be a delicate balance between fulfilling your social mission and ensuring financial sustainability. It’s imperative to uphold principles of financial fairness and responsibility while determining how to… Read More ›
Are you passionate about making a positive impact in your community? Establishing a Community Interest Company (CIC) might be the perfect way to bring your vision to life. In this comprehensive guide, we’ll walk you through the essential steps of… Read More ›
As we bid farewell to the festive season and the echoes of jingle bells begin to fade, let’s dive into the heart-warming symphony of giving that December has orchestrated for our community interest companies (CICs). Just like the twinkling lights… Read More ›
Do you manage a Community Interest Company (CIC) and wonder how to pay yourself while making a positive impact on society? As a CIC director, you play a crucial role in driving social change, and it’s only fair that you… Read More ›
In the realm of Community Interest Companies (CICs), navigating the terrain of dormant accounts might seem like a daunting task. However, fear not! In this comprehensive guide, we’ll take you through the intricate steps of mastering dormancy, empowering your CIC… Read More ›
As we head into Autumn, you will want to make sure that your CIC or charity has sufficient funding. The team at KG Accountants has assembled another list of grants and funding sources for you to consider for your business’s… Read More ›
Leading a Community Interest Company (CIC) offers a unique blend of business acumen and social purpose. While your primary objective might be community welfare, it’s equally important to understand how you can sustainably remunerate yourself. In the UK, CIC directors… Read More ›
Briefly put, CIC directors are frequently employees but also might not be since their job status is entirely dependent on individual circumstances. Along with company secretaries, directors are referred to as ‘office holders’ by default. Whether or not someone has… Read More ›
We hope you are enjoying the mix of rain and sunshine this August. Your organisation is doing amazing work to help the community. At KG Accountants, we want to help. Below is the August listing of grants for CICs and… Read More ›
Every CIC must have directors. Directors have statutory obligations they must meet. As vital parts of the structure and operation of a CIC, it’s important to understand what directors do, how many are needed in a CIC, and the specific… Read More ›
The Differences between a CIC and a Charity Community Interest Companies (CICs) and charities present two unique pathways to social impact, each with distinct operational and financial mechanisms. A charity’s survival often hinges on grants, donations, and fundraising, enabling them… Read More ›
CIC Funding is a more specialised type of funding. It can be frustrating if you do not know were to look or you do not have an advisor to point you in the right direction. If you are looking for… Read More ›
It has been 14 years since the UK government first introduced community interest companies (CICs). CICs are very popular among social entrepreneurs who want to use business to help their local community. You can read one of our earlier blog… Read More ›
How to become a personal Trainer. If your looking to start a career as a personal trainer, on top of having a great accountant who understands the fitness industry, you need to have 7 essential skills: 1 Organization skills 2…. Read More ›
Charity Accounts Trustees normally need to complete a charity’s annual return as soon as you approve its latest accounts and trustees’ annual report. Normally If your charity’s income is more than £10,000, by law, you must complete an annual return… Read More ›
Community Interest companies (CICS) A CIC is a special breed of a limited company which exists to benefit the community rather than its shareholders. Community Interest Accounts In addition to the initial Community Interest Statement, every CIC must file an annual… Read More ›
Many more companies will qualify as small as a result of the substantially increased company size limits. The new size criteria below is mandatory for periods commencing on or after 1 January 2016, although earlier adoption is permitted for financial years beginning on or after 1 January 2015 (the audit exemption cannot be early adopted): […]
A single mistake on your CIC34 report can quickly snowball into regulator queries, delayed grant funding, or penalties ranging from £150 to £1,500. If your CIC reporting deadline is approaching, now’s the time to correct the errors that most Community… Read More ›
1. Understanding CIC Accounts: What You Need to Know Before Filing Before diving into forms and deadlines, let’s get clear on what CIC accounts are and why they matter. 1.1 What Are CIC Accounts (and Why They Matter)? Every Community… Read More ›
Every CIC has a 12-month review period. At the end of this period, you’ve got 14 days to file your confirmation statement. The first period starts from your date of incorporation. After that, it runs 12 months from the date… Read More ›
If you run a Community Interest Company (CIC), chances are you’ve wondered: how do I actually pay myself without breaking the rules? One of the biggest myths is that directors can simply treat themselves as self-employed and invoice their own… Read More ›
Running a Community Interest Company (CIC) is one of the most rewarding ways to combine business with social good. But alongside your mission to deliver impact, there’s the important matter of staying compliant with regulations. One of the biggest responsibilities… Read More ›
Running a Community Interest Company (CIC) means juggling a lot—impact reports, funding, team responsibilities, and everything in between. But when you’ve missed your filing deadline for CIC accounts, the anxiety can quickly set in. Don’t panic. Whether you’re a few… Read More ›
As Britain emerges from a rollercoaster of weather—flipping from blazing June heatwaves to torrential July downpours that disrupted courts, railways, and summer events—UK charities and CICs find themselves weathering financial uncertainty while serving ever-growing community needs. A lighter viral moment… Read More ›
Running a Community Interest Company (CIC) is about purpose — not profit. But even purpose-driven directors need to make a living. That’s where things get a little tricky. You might be asking: “Can I take a salary as a CIC… Read More ›
If you’re running a Community Interest Company (CIC), you likely started it with a clear mission to make a difference. But here’s something many well-meaning CIC directors overlook: filing your accounts and reports late can cost your organisation up to… Read More ›