Providing you are genuinely self employed then the Directors could receive their money as self employed individuals, but if it is for your role as a Director of the CIC then it would need to be paid through PAYE. You can earn just…"
If you are directors of a company it is normal for you to be under PAYE and not treated as self employed. In terms of preparation of the final accounts this is something I am willing to help you with as part of what I do is to help new…"
Hello, We are a newly incorporated CIC based in East Sussex, and we are about to apply for funds with a Foundation in The Netherlands for approximately 60,000 euros a year.Our first activity will take place in Argentina, and the activity is fully non-for-profit.We are three directors and we will get paid for prodiving services like coordination of the activity, editing videos and designing a website. The total amount for these services might amount to £20,000 split in two years between three…See More
For any accounting related queries, including accounts software package questions, grants and trading income treatment, HMRC or Companies House queries/issues, tax reliefs for CICs, links to useful finance information etc
"model constitution no. 2
model constitution no. 2
You shouldn't have any trouble with either of these requirements Claudia - for example if you are using one of the Regulator's models the 'Not-for-Profit' and 'Asset…"
Hello, I am now about to print my last document to send to Companies House. After much reading of CIC documents, I came across with a last hurdle. The CIC we are setting up has got the word "society" in its name.I have read at the Companies House website that "society" is considered a sensitive word (http://www.companieshouse.gov.uk/about/gbhtml/gp1.shtml#ch7)And that : "To use this word the company should normally be…See More
"If the 3 overseas Directors are all in the same country, then beware of accidentally making your CIC resident overseas for tax purposes. If this happens you may have to do 2 tax returns, one for each country. Or a foreign tax return and not a UK…"
"Can't add anything to John's advice Claudia, but I live in France and am a director of a number of CICs (mainly in the miEnterprise group) - and am a bank signatory too. In fact it's largely me that administers the formalities -…"
"Thank you so much for your quick reply!
I do have a UK address and 2 out of 5 possible directors would be based in the UK, so in that sense, if I understand properly, these could be the two directors with signatures for the bank account,…"
Yes, it is perfectly normal. You will need to have a UK address that can be used as the registered office
Bank account- Banks have separate policies and will mostly require signatures face to face.
Board meetings: you…"
Hello,I would like to know if someone has experience setting up a CIC or any other social enterprise in which directors live in different countries. Is this acceptable? And if so, how is the setting up procedure? Looking forward to any experience in this direction!See More