Comment by 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.
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...
>You have to keep accounts if a business even if not incorporated
Indeed, so this cost is not relevant to the decision to set up a CIC or not
It is relevant this case. The thread is about moving an activity that is not a business to a company (and for some reason a CIC in particular). If you did it in your own name you would not have to keep accounts.
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