If you’re preparing your first CIC tax return and feeling a knot in your stomach, you’re in good company. Most first-time Community Interest Company (CIC) directors hit the same moment of disbelief: “We’re not-for-profit… why am I dealing with Corporation… 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): […]
If you’re looking into charity registration UK, chances are you didn’t start with forms or legal structures. You started with a need you could see clearly — in your community, church, school, or support group — and a genuine desire… Read More ›
If you’re a director of a Community Interest Company (CIC), there’s a good chance you’ve already discovered an uncomfortable truth:filing CIC accounts online is not as simple as clicking “upload” and moving on. For many first-time CIC directors, the online… Read More ›
Submitting charity accounts is one of those responsibilities that sounds straightforward – until you’re the trustee staring at deadlines, thresholds, online portals, and unfamiliar terminology. Many charities that get into difficulty haven’t done anything wrong intentionally. They’ve simply misunderstood what… Read More ›
If you’re running a Community Interest Company for the first time, there’s a moment most directors quietly dread. It’s not the launch. Not the funding applications. Not even the bank account setup.It’s the email reminder that says your first set… Read More ›
If you’re a director of a Community Interest Company (CIC), chances are you’ve paused at some point and asked yourself a slightly uncomfortable question:“Am I actually allowed to pay myself… and am I doing it properly?” That hesitation is a… Read More ›
Many businesses begin as standard limited companies and only later realise that what they actually do is deliver real social or community benefit. This often becomes clear when applying for grants, working with local authorities, or wanting to protect a… Read More ›
Most people who want to set up a charity don’t start with a legal structure.They start with a problem they see every day — in their community, church, school, or support group — and a feeling that something needs to… Read More ›
Most people who want to register a charity don’t start with legal structures or regulators.They start with a cause — something they care deeply about — and a sense that they want to do things properly. Then reality hits. Forms… Read More ›
Most CIC directors don’t start by asking how much they can pay themselves.They start by asking whether they’re allowed to be paid at all — and what might happen if they get it wrong. That hesitation is sensible. Paying yourself… Read More ›