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Comment by graemep

7 months ago

Assuming you regard the cost of keeping and filing accounts and other paperwork, annual registration fees, etc. as negligible yes.

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graemep

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jimnotgym  7 months ago

Keeping accounts: cost, depends on if you make any money. If you do then you would have to keep accounts even if not a CIC!

Filing accounts: £15. An online form will ask you for your balance sheet summary only unless you are very large.

One off registration:£65

Annual confirmation statement:£34

So depends on your perspective I suppose.

  • graemep  7 months ago

    There are plans to remove the small company p & l exemption and new rules on verifying directors ids. Costs are going up too. It looks like a CIC you can only file online if full accounts. https://find-and-update.company-information.service.gov.uk/a...

    You have to keep accounts if a business even if not incorporated. A company has to keep accounts if it has any assets (e.g. a domain) or any financial transactions (e.g. paying for hosting)

    You will also probably have to file a tax return. You have to keep a register of shareholders.

    In fact if definitely not making a profit a standard ltd might be simpler (or maybe a company limited by guarantee) then a CIC as all a CIC does it add restrictions and extra regulation https://assets.publishing.service.gov.uk/media/5a7b800640f0b...