Comment by jimnotgym
7 months ago
>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
7 months ago
>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.
As jimnotgym explained, you don't have to 'keep accounts' in any onerous sense. You just need to keep a rough track of the business's income and expenses (which any sensible person would be doing anyway). No-one at HMRC is going through the accounts of very small businesses with a fine tooth comb. You just tell them how much money you made and pay the taxes on it.
> You just need to keep a rough track of the business's income and expenses (which any sensible person would be doing anyway
We are not talking about a business here. The whole problem is that these are things that people are doing as essentially voluntary work.
What your saying would be true in a different context, but this is not business. I do not know whether you find it hard to grasp that some people will put a lot of effort into something for motives other than profit.
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