December is usually a very busy period at Companies house. it’s not advisable living it to the last minute.

Plan early

Start planning early for filing your cic accounts and make sure you know your company’s filing deadline. Check and make sure you have recorded all your Income and expenditure .

Automate the recording of your expenses

Scan Your Receipts into Your Accounting Software using smart apps. This is The Smart Way To Run Your CIC, Saving You Time, Effort And Money. This will really speed up the whole process of capturing the financial information.

Companies House Opening Hours during the festive season

Find out the Availability of the companies house contact centre and filing services over the festive season. If you forgotten your authentication code for example, they only send duplicate ones via normal post. So make sure you allow enough time.

CIC Tax return

A community interest company (Or CIC) is liable to Corporation tax as a company. This applies to all it’s Trading profits, Investment Income and any gains.

Unlike a charity, a CIC is not entitled to any specific corporation tax exemption.

Penalty for late filing of CIC Accounts

In 2017, there were 503 people who filed within the hour before the deadline (31 December 2017). But another 28,874 missed the cut-off point completely.

For private limited companies, missing the deadline incurs a penalty of £150. This fine continues to increase to £1,500 for accounts that are more than 6 months late. The penalty is doubled if your accounts are late 2 years in a row.

CIC Accounting

 If you have not yet filed Annual Accounts for a CIC (Community Interest Company), then please beware that the process and procedures for filing the Annual Accounts at Companies House is different from normal electronic filings.

How the accounts are filed

Firstly, you cannot file electronic Annual Accounts. These must be done by paper. it does help to allow enough time as possible.

In order to file the Annual Accounts you will need to prepare a form CIC 34 also.

CIC Accounting

AT KG Accountants, All our CIC fees are fixed.

By giving you a fixed and competitive price, we can take the worry away when it comes to running your CIC; allowing you to concentrate on running your organisation.

Arrange a FREE CIC initial consultation.

Call us today on 0207 953 8913 for a free quotation.

Categories: CIC, cic accounts, Community Interest Companies, Community Interest Company Accounts