Author Archives

• Dormant Account for CICs

  By kgaccountantsblog on 31/05/2023 • ( 0 )

  

  A community interest company (CIC) is, of course, a completely different creature from a standard company. One way that sets them apart is when they enter ‘dormant’ status. What is ‘dormant’ status? Any company is defined as dormant by the… Read More ›

• Can I do my own accounts for a CIC?

  By kgaccountantsblog on 16/05/2023 • ( 0 )

  

  In this blog, we’ll look at what is required for your CIC’s annual accounts and give you advice on whether you should prepare your own reports. What are a CIC’s annual accounts? Other names for annual accounts include “company accounts,”… Read More ›

• CIC’s and taxes: Understanding the laws in brief

  By kgaccountantsblog on 09/05/2023 • ( 0 )

  

  There’s a lot of confusion about how CICs and taxes work. Are CICs like charities with a special tax exemption? How does being asset-locked affect their taxation? What if the CIC donates to charity? In this blog, we’re going to… Read More ›

• How to File CIC Accounts online  

  By kgaccountantsblog on 02/05/2023 • ( 0 )

  

  Prior to submitting your reports, you need to: 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:… Read More ›

• CIC34 form: The Community Interest Company report

  By kgaccountantsblog on 17/04/2023 • ( 0 )

  

  Community Interest Companies (CICs) in the UK are required to submit a CIC34 each year. All CICs registered in the UK are required to submit the CIC34, a document that contains vital information on the CIC’s operations and finances to… Read More ›

• What is a Confirmation statement (CS01) and How Does It Work for CIC’s?

  By kgaccountantsblog on 11/04/2023 • ( 0 )

  

  ALL UK businesses, trading or non-trading  are required to submit a confirmation statement, formerly known as an annual return, to Companies House each year. All UK-registered businesses, including private limited companies, public limited companies, and community interest corporations (CICs), must… Read More ›

• CIC articles of association

  By kgaccountantsblog on 20/03/2023 • ( 0 )

  

  We get this question a lot: Does a CIC need articles of association? The short answer is yes. The long answer is… part of this blog. Let us walk you though what you need to know. The two primary documents… Read More ›

• Does a CIC have to have an asset lock?

  By kgaccountantsblog on 17/03/2023 • ( 0 )

  

  Are you a prospective Community Interest Company (CIC) or current CIC director looking for answers to whether your organization must have an asset lock? If so, this blog post is for you! Overview of the Purpose of a CIC and… Read More ›

• CIC limited by guarantee or  limited by shares.  Which one is best?

  By kgaccountantsblog on 16/03/2023 • ( 0 )

  

  Some individuals believe that social enterprise is the future of business. There may be some basis for that argument given the resilience these types of organisation have shown during the economic challenges of recent years. As campaigners continue to petition… Read More ›

• What is a community interest company – and how do you set one up?

  By kgaccountantsblog on 01/03/2023 • ( 0 )

  

  What do you need to set up a CIC? A community interest company (CIC) is a business setup to deliver value to the community, not simply profits to shareholders and owners. A CIC is more than a business to help… Read More ›