CIC Association

Serving Community Enterprise

Do CICs really need to use iXBRL? I am hoping to start a CIC (limited by guarantee not shares) to provide a place for older members of the community to meet and chat over tea and cake, with activities etc also. I am setting up the CIC rather than a charity because at some point in the distant future I may wish to take a small salary. However I do not expect to make any money for some time and initially will not be able to afford to pay an accountant. The main problem seems to be filing a corporation tax return. On the surface this seems straightforward enough as my operation will be really small and simple (if the CT600 form is anything to go by) but the problem is that supporting accounts need to be submitted using iXBRL format. I was really hoping to just submit them in an acceptably structured format using Excel. Is it really this complicated? Because if it is then it will probably stop my CIC getting off the ground as I really cannot afford £300+ for an accountant. Is there still a way I can do it myself?

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Hi Sally

Re Accounts, CICs have to submit by paper and post so any online rules dont apply as such. We should be able to submit online in 2018, but if you look at the detail it allows small Charities to submit using PDF so I would expect the same for CICs. https://www.gov.uk/government/uploads/system/uploads/attachment_dat...

Seems to have a lot to do with being able to use the data, if you have complicated/large accounts iXBRL may simply be easier for them to use

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