Community Interest Companies (CIC's)

A community interest company (CIC) is a type of company, designed in particular for social enterprises that want to use their profits and assets for the public good.   As they take a company form they are subject to requirements under Company Law, including filing compliant accounts with Companies House along with a CIC Report and filing annual corporation tax returns with HMRC.

Whereas, a charity must be established exclusively for charitable purposes and meet the charity test, a CIC can be established for any lawful purpose, as long as their activities are carried on for the benefit of the community.  Although charities have certain tax advantages that CICs do not have, a CIC is not subject to as onerous regulation. CIC’s are also able to operate more “commercially” than charities, but stakeholders in CICs will still have the assurance of community benefit provided by an asset lock and transparency about their activities ability through the community interest report.

We provide services to assist you running your CIC:

• Preparation of annual accounts and CIC report
• Preparation of annual corporation tax return
• VAT returns where necessary
• Assistance with filing annual returns and confirmations statements with Companies House
• Advice on implementing appropriate financial controls
• Advice on maintaining accounting records
• Production of budgets, management accounts and applications for funding