Added by Anthony Andre on March 30, 2016 at 12:30 — No Comments
I have come across two instances when HMRC have accepted that the CIC is not trading for tax purposes. It issometimes a bit difficult to contact with HMRC but if you are a not for profit CIC it may be worth the effort
Added by Dick Maule FCA on March 22, 2016 at 10:25 — No Comments
We are looking to register a CIC to offer sport in the community, and have a youth football club(N/P) that would like to be with us and for our directors to manage the club, however the club wants to retain its name is this possible I assume would be a subsidiary of our CIC.
Any views comments please
Hi - We have been incorporated as a CIC since 2012. Recently we were asked whether we has an asset lock in place. I had assumed this was just an integral part of our governance. However I now feel we should perhaps have a specific entry in our constitution. It is actually quite a useful question at this time as we are hoping to get a new van & upgrade our IT and so forth. How have other CICs handled this issue?
CICs are subject to the important company law changes coming soon. One of the most important (and the most difficult to deal with) is the obligation to find out 'persons with significant control' and report their details to Companies House.
From 6 April a CIC has a legal obligation to find out who its PSC are and to make a Register of PSCs.
The scope of these new rules is wide and they are very complex (the draft non-statutory guidance runs to 86 pages!).
From 30 June…Continue