Community Interest Companies (CIC)
BCASL
Registered Posts: 64 Regular contributor ⭐
Hello, I wonder if someone can help me. We have a CIC company as a client. It has a Companies House registration number and acts as a not-for-profit, limited by guarantee company under the CIC rules. I am happy with the CH filing requirements, my query is around the HMRC approach.
Normally when a company is formed, HMRC issue a CT41G form. In the case of this CIC, nothing has been received from HMRC at all and when I contacted their local office, nobody seemed to know about CIC's - very helpful. The chap I spoke to suggested that we write to them (HMRC) with some details about the not for profit activities with a view to the company not being required to submit CT returns, but he wasn't really sure!
Does anyone else have any experience of CICs and the HMRC requirements - any information would be glady received!
Thanks
Normally when a company is formed, HMRC issue a CT41G form. In the case of this CIC, nothing has been received from HMRC at all and when I contacted their local office, nobody seemed to know about CIC's - very helpful. The chap I spoke to suggested that we write to them (HMRC) with some details about the not for profit activities with a view to the company not being required to submit CT returns, but he wasn't really sure!
Does anyone else have any experience of CICs and the HMRC requirements - any information would be glady received!
Thanks
0
Comments
-
I have a few CICs on my books. All were issued with a CT41G as normal.
If the CIC has a trade then it will have taxable income to declare - many do.
I hate the phrase 'non-profit-making' for social enterprises. It should really be 'non-profit-distributing'.
Each company is of course different.0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 325 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 95 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 202 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership