We have assisted a number of CICs from the very beginning – from setting them up to providing on-going support and fulfilling all their accounting and filing obligations.
CICs are more lightly regulated than charities but sadly do not enjoy the same tax-free benefits. The key thing distinguishing CIC’s is the asset lock. Only 35% of a CIC’s distributable profits in any one year can be paid out as dividends; the rest is locked in to further the CIC’s objectives.
CICs are designed for social enterprises that want to use their profits and assets for the public good. Because they are not commercially driven they’re often well placed to secure government contracts.