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 ›
Community Interest Companies
Who is the regulator for CIC’s?
The office assigned to regulate CICs is named, creatively enough, the Office of the Regulator of Community Interest Companies. “The Office of the Regulator of Community Interest Companies decides whether an organisation is eligible to become, or continue to be,… Read More ›
Converting a limited company to a cic
Converting your limited company to a community interest company (CIC) can have some advantages and, of course, some disadvantages. The primary reason that someone would want to convert a limited company to a CIC is to align their corporate model… Read More ›
Why it is important to choose ethical banking for your CIC
The ethics of companies has become an increasingly important criteria for consumers to choose to do business with them. In the banking industry, many people are abandoning their old banks and moving money to ethical banks. Consumers have discovered that… Read More ›
Annual CIC Statutory obligations & Rules
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… Read More ›
Moving your CIC Bookkeeping from a Spreadsheet to a System
Moving your CIC bookkeeping from a group of spreadsheets to an integrated system is one of the best ways to ensure that your data is correct and your accounts are properly handled. Below is a short list of the reasons… Read More ›
June Roundup of Latest CIC and Charity Funding Advice
We are approaching the end of June and we’re just loving the sunshine!! June’s list of the latest funding opportunities is exciting! These funds help you successfully continue your mission doing great things for the community. Before applying, be sure… Read More ›
File CIC34: community interest company report
The CIC34 community interest company report is a mandatory annual report for all CICs in the UK. It informs the Regulator about your CIC, whom you serve, directors’ remuneration, and more. As with every company, CICs have to submit a… Read More ›
Do CIC companies pay tax?
The short is yes. Community Interest Companies (CICs) pay the same taxes as any other company. Also, Investment income, trading profits, and all other gains are taxable. CIC also pays Corporation Tax, completes a CIC Tax return, Pays VAT, just… Read More ›
What are the advantages of setting up a community interest company?
Setting up a Community Interest Company (CIC) has many advantages over either being a normal corporation or setting up a charity. A CIC is a hybrid between companies and charities in that it’s a company with a social mission, but… Read More ›