"Thanks for the help guys but I think have made the decision to dissolve the CIC :( and be a sole trader instead due to the simplicity of it. It is a bit of a shame, as I will not be able to gain funding for the club to go towards equipment or a new…"
"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…"
Luckily, I have a friend who owns a very similar CIC who I have just been speaking to and has helped me get this far already.
They have stated that they use PAYE to pay themselves and employees, and use freeagent accounting…"
"And you still should James!
The issue we are discussing is true for all companies, including CIC. Separated out from tax, employment, company house law etc the CIC regulation and its requirements add perhaps 30 minutes of admin and an annual fee of…"
Thanks for clearing stuff up! The company I have set up is primarily to teach skateboarding to young people in local communities, as I feel skateboarding strongly benefits young people, it creates new social groups, keeps people out of…"
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…"
Definitely get someone with experience in this area involved, your accounts wont be much so you could try and attract some pro-bono help from a local accountant (and offer some positive PR) or have a look on accounts group
Hi,This is my first time experiencing setting up a business and I have just registered my company 'Burwell Skate School CIC', it is limited by guarantee. I am pretty confused about a majority of things and was wondering if anyone could please help me out?I have registered the business as actively trading from the 5th of Febuary. I set the date to which the company intends to prepare it's accounts to 30th June 2017, however, after doing some reading I am thinking this was the wrong choice and…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