Community Interest Companies (CICs)

Charity Accountants in Sittingbourne, Kent - Williams Giles

Williams Giles is one of the leading firms in Kent for Charities and Not for Profit organisations and have excellent in-depth knowledge of CICs.

What is a CIC?

Community Interest Companies (CICs) are a special type of limited company which exists to benefit the community rather than private shareholders.

The CIC has to provide a ‘Community Interest Statement’ which explains what the business plans to do. It also has to create an ‘Asset Lock’, which states that the company’s assets will only be used for its social objectives and setting limits to the money it can pay shareholders. The company then has to be approved by the Community Interest Company Regulator who also has a continuing monitoring and enforcement role.

The specialist services we can offer CICs include the following:

  • Explain the advantages and disadvantages of a CIC
  • Assist with the formation including the Community Interest Statement
  • Assist with regulatory and governance issues
  • Set up Internal Control procedures
  • Assist with Bookkeeping and Accounts
  • Provision of bespoke CIC cloud accounting package if required
  • Payroll
  • Tax and Vat advice

Fixed Fee and Monthly Instalments available

Require more information?

If you would like more information or would like to speak to us direct then call us on 01795 478044. Or if you would prefer, please fill out our contact form here.