Prior to submitting your reports, you need to:
- Create a Companies House account
- Sign into said account
- Have your company number handy
- Have the company authentication code at hand
- Have a copy of the Accounts to hand
- Fixed Asset Register including the depreciation.
Once you’ve got everything lined up , you can go to https://find-and-update.company-information.service.gov.uk/accounts/cic/before-you-start to get started.
What should your CIC report include
You need to have your cic accounts handy.
This should include:
- The Directors Report. Note for businesses with a total annual revenue of £632,000 or less, this is not required.
- Operating expenses, gains and losses, and sales for the entire fiscal year are all included in profit and loss.
- Notes on and information on accounts
- The balance sheet, which is the most crucial part, includes a list of the company’s assets, unpaid invoices, and liabilities for the fiscal year.
You will also need to file the completed CIC34 report.
The CIC34 report looks at:
- The company’s asset locks and transfers of assets to other companies with asset locks
- Notes on the CIC’s consultation with shareholders
- Dividends and interest payments that were declared, proposed, and tied to performance
- A thorough account of what the CIC did over the year to help the community as a whole
To learn more about the filing guidelines, please read our blog: Filing CIC Accounts: Guidelines for Community Interest Companies Accounts.
Which documents need to be filed and when
Action: File first accounts with Companies House
Deadline: 21 months after the date you registered with Companies House
Action: File accounts with the Companies House
Deadline: 9 months after the company’s fiscal year ends
Action: Pay Corporation Tax or tell HMRC that company doesn’t owe taxes
Deadline: 9 months and a day after the company’s ‘accounting period’ ends
Action: File the company’s Tax Return
Deadline: 12 months after the end of the company’s ‘accounting period’
The time covered by your company tax return is your accounting period for corporation tax. Typically, it’s the same 12 months after the business’s fiscal year that your annual accounts cover.
Penalties for late filing of CIC Accounts
The penalties for late filing increase the longer you wait to file your CIC Accounts:
Up to 1 month £150
1 to 3 months £375
3 to 6 months £750
Over 6 months £1500
The fines are automatically levied if your accounts are late.
If you file your accounts late 2 years in a row, the fines double!!
Appealing a late filing penalty
You can appeal a late filing penalty. There are only a few reasons that the Companies House will accept for late filings. You will need to give a justification for not submitting your accounts by the deadline. Include any pertinent information, such as dates and times, to show that the situation was beyond your control. For instance, if a fire destroyed your records just before your accounts were due.
Warning: The Companies House will not accept many of the common excuses they get, such as it’s your first report, it was someone else’s fault, your CIC is dormant, or any of dozens of other reasons.
KG Accountants can help with your CIC Annual Accounts
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!
Arrange a FREE initial consultation.
Tel: 0207 953 8913