What you should know about Community Interest Companies

In this video I outline the tax implications of Community Interest Companies and why you might want to consider making you business a CIC.
For further information please take a look at our website www.theaccountancypeople.co.uk where you can ask a question to James and the team
#tax #cic #socialenterprise #uktax

[@CarlSmith-ri2yf]

Thank you for the video. When opening a CIC what does it mean by recipient of the company’s assets? Thanks

[@CarlSmith-ri2yf]

Thanks for the video. What is a Upload CIC articles of association?

[@SERENITYTHERAPY23]

Hello and good morning thank you for the video. I am opening a CIC and unsure who I can use for directors. I would be super grateful for some help. Thanks George

[@GeorgeCy332]

Hello and sorry to bother you. Where on the CIC forms do you put the directors? Thanks George

[@bestymusic4845]

Hello and good morning I need one more director for my business and not sure why I can find one. Any help would be great. Thanks

[@evygabs1466]

What kind of business is it. And where in the uk are u base?

[@jummaimaha730]

Thanks ..helpful information.

[@AbU-xp8qx]

Hi mate, very good and informing video, I am looking to set up a cic. Is there a way to get in touch with you? Thanks

[@missy13april]

Thank you, that was very helpful 🙂

[@lisafarrell6334]

Hi. Thank you. I am setting up a charity but don't want to go through the normal route.. Possible to set up a foundation that does charitable work without a CIC or registered charity. It is a self funded model and no grants would be required.

[@the_xcg4430]

I agree with @jmulkerrin, this should be taken down. From as early as 1min 55secs this video INCORRECTLY explains the tax position and differences, forgetting that dividend is an after-tax profit so the 20% he says Ltd company structures save via offering dividend is actually paid over in corporation tax so the net effect saved is a lot less if any and will vary also based on your personal position eg; Basic Rate or Higher Rate. For anyone listening, I would seek alternative advice and take some KZbin videos with a pinch of salt.

[@bestymusic4845]

Thanks for the video. I have been studying counselling for a while and would like to open a start CIC so i start the process off becoming self employed. Not sure how to though.

[@lchapman2335]

Hi, where is it your based I’m in need for a counsellor for the youths I work with maybe we could join forces?..

[@nupurmaheshwari2653]

Can we file dormant accounts for CIC company Online?

[@cookedfoodpodcast2652]

Im in the process of setting up a cic and you seem like good conversation on understanding the details. Give me a message if you can🙌🏾

[@stephaniematy3593]

Can I change my cic by shares to an cio foundation

[@jmulkerrin]

Id suggest you take this down, for an accountant to explain CIC like this is concerning. For eg, approx 75% of CICs are Limited by Guarantee and can't pay dividends. Most grant making bodies won't fund Limited by Shares, CICs can pay a reasonable % of their total profit via dividend (35%)...........not sure what your objectives with this video are but IMHO its one of the sloppiest I've seen

[@davidgeorge1517]

Can anyone tell me how to change a cic from a share holders company to a registered company please ?

[@afrilifewealth8743]

Apparently, you can't swop over to a private company. You have to start over again.

[@IHateNumbers]

Hi David, this may be too late now but you can convert a private company to a CIC - we have done this, check out form CIC 37

[@gigabeats8115]

Hi how will we know if our company is a community interest company? Do we need to search company name in cic website to check, I tried but I did not find. Please help me with an example of searching a cic firm in the website.

[@jamessheard4235]

A community interest company is called just that. Oldham theatre limited would be a normal limited company whereas Oldham Theatre CIC is a community interest company. The ltd or cic appears as part of their name at companies house .

[@gigabeats8115]

@@jamessheard4235 Thank you James, it is really helpful.

[@gigabeats8115]

@@jamessheard4235 my understanding was we will be selecting CIC drop down based on nature of the business.

[@jamessheard4235]

@@gigabeats8115 it is normally a bit more time consuming to set up a cic. If you need help fill your details on the contact us form on our website

[@jummaimaha730]

Thanks

[@liaqautali3667]

A cic is not tax efficient... only plus point is if you apply fir grants.. if lucky... Not worth while ... the hassel...

[@ElementsMMA]

Painful

[@mariaselenta2412]

Hi, considering one. could you message?

[@missy13april]

Thank you, that was very helpful 🙂