"Yes, that does sound dodgy. All assets are 'locked' in a CIC and must only be used for the benefit of the community, so you can pay market rate salaries, but not £80,000 profit.
There's lots of good software for PAYE, but…"
A company's accounting year normally ends at the end of the month the company was incorporated in. If you've chosen 30th June that shouldn't matter, though. Corporation tax is paid on profits, not total income. You are correct…"
CICs are generally used by social enterprises (businesses that operate for social/charitable purposes). If you are wanting your business to be a social enterprise, and be able to apply for grant funding (e.g. from the Big Lottery Fund), you…"
"Sorry for the delay, for some reason I didn't get an email notification about this post, but luckily noticed it! That looks good to me, but a few comments/suggestions...
Section A is just about beneficiaries, so you don't need to go into…"
The CIC legislation doesn't require this. If there isn't any sort of agreement between your CIC and them that they be listed, and indeed they don't even know they are listed, then I see no obligation to tell them or seek…"
Sorry for the confusion. This rule does not apply to the transfer of assets made for the benefit of the community (or the transfer of assets into certain an asset-locked bodies).
"That would seem correct to me. The difference, as a CIC, being that the assets (intellectual property in the music) must be used principally for the benefit of the community, and cannot be transfered for less than full consideration (i.e. sold at…"
"Regarding lottery funding, there is this link - Factsheet 1 Bank Statements.pdf
Where a CIC's directors are family members, they have to be very careful to act in the interests of the CIC itself and its social purpose, and not in the interests…"
"Hi, thanks for posting here, it's easier than wading through comments! In general, there's no problem with CICs having related family members. Indeed, the best CICs may be family run. However, if you are looking for grant funding, you may…"