If you’re preparing your first CIC tax return and feeling a knot in your stomach, you’re in good company. Most first-time Community Interest Company (CIC) directors hit the same moment of disbelief: “We’re not-for-profit… why am I dealing with Corporation… Read More ›
Are CICs Tax-Exempt? It’s a common misconception that CICs, like charities, are fully exempt from taxes. However, CICs are taxed in much the same way as regular companies. They are subject to Corporation Tax on their profits and, if they… Read More ›
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 ›
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 ›