Each year in the UK, the CIC regulator requires all community interest companies (CICs) to file reports with the Companies House to ensure compliance with laws regarding being a CIC. This allows the CIC regulator to keep the public records up to date so the public can know that a CIC is doing what it claims to do.
CIC Reporting Requirements & CIC Rules
Each year, a CIC is required to compile and deliver the following documents to the Registrar of Companies:
- CIC Accounts
- A CIC report with £15 filing fee
- An annual return with a £15 filing fee
Failure to submit any of these required items can land on the directors’ shoulders with possible criminal prosecutions and fines for the company.
CIC Annual Accounts
A CIC, just like other companies, is required to deliver copies of their accounts for the year. The requirements for the accounts are similar to other types of companies. The amount of detail and depth of the reporting will depend on the size of the enterprise.
If you’re unsure about how much reporting you need to do, you can contact the team at KG Accountants at 0207 953 8913. You can also find information on the Companies House website, https://www.gov.uk/government/collections/companies-house-guidance-for-limited-companies-partnerships-and-other-company-types.
CIC Report (CIC34)
The CIC report, CIC34, is the core report for the year from CICs. There are two versions, the simplified form and the detailed form. Both forms provide the Registrar of Companies with details such as who are the directors, how much are they being paid, how much money did the CIC take in, payout, and to whom.
Knowing which report to use can be a bit confusing once a CIC reaches a certain size of complexity. The Office of the Regulator of Community Interest Companies offers some guidance, but contact KG if you’re unsure.
There are quite a few nuances in structure that can affect what needs to be included in the CIC34. Public Benefit Entities have separate filing requirements from standard CICs. It’s important to get advice from experts on what you need to file. The penalties for not filing everything or filing false information can be significant.
Confirmation Statement
The confirmation statement is a document that confirms that the filings with the government are correct. The statement tells the Companies House and the Office of the Regulator of Community Interest Companies that your CIC is operating where and as expected. Any changes must be noted prior to the end of the review period.
Timing of Filings
Most of these documents are filed at the same time every year, but the date for filing can vary depending on when the company was incorporated and other factors. It’s vital to know the due dates to avoid financial penalties and possible criminal charges.
Getting Assistance
While it might seem somewhat self-serving, it’s important for CIC directors to get assistance with these filings. There’s too much going on for the people in a CIC to keep track of paperwork filing dates and gathering financial reports.
We would prefer if you let KG Accountants help you, but if not us, please choose someone qualified to help you file your accounts each year. We’ve seen many great CICs run into trouble simply because the paperwork got away from them.
All our fees are fixed.
By giving you a fixed and competitive price, we can take the worry away when it comes to preparing the statutory Accounts and Tax returns; allowing you to concentrate on running your business!
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How we can help
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If you would like more information or would like to ask us a question then call us on 0207 953 8913 To ask us a question online click here.
Categories: CIC Accounts, Community Interest Companies, Community Interest Companies Accounts, Company Accounts, Confirmation Statement
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