As the director of a Community Interest Company (CIC), you must file your annual accounts and CIC report accurately and on time. This ensures compliance with legal requirements and helps maintain trust with your stakeholders. For now, you can only file full CIC accounts online. If your CIC falls into any of the following categories, you’ll need to file on paper instead:
- Dormant company accounts
- Micro-entity accounts
- Abridged accounts
Below, we’ll walk you through how to file your CIC accounts online and what you need to prepare.
Understanding your filing obligations
Every CIC must prepare and submit annual accounts and a CIC34 report to Companies House. The accounts provide your company’s financial overview, while the CIC34 report demonstrates how your activities have benefited the community. Both documents are crucial for transparency and accountability.
Deadlines to remember
- First accounts: Due 21 months after your company’s incorporation date.
- Subsequent accounts: Due 9 months after the end of your company’s financial year.
Missing these deadlines can result in penalties starting from £150 for delays up to one month, escalating to £1,500 for delays over six months.
Preparing to file online
Before you begin the online filing process, ensure you have the following:
- Companies House account: If you don’t have one, you can create it on the Companies House website.
- Company number: This unique identifier is assigned upon incorporation.
- Authentication code: A 6-character code issued by Companies House. You can request a reminder through the Companies House website if you’ve misplaced it.
- Approved accounts: Ensure your accounts are approved by the board of directors.
- £15 filing fee: Payable via debit or credit card during the filing process.
Step-by-step filing process
- Sign in: Access your Companies House account.
- Select ‘File CIC Accounts’: Navigate to the appropriate section for filing CIC accounts.
- Enter company details: Input your company number and authentication code.
- Upload documents: Submit your approved accounts and completed CIC34 report.
- Review and confirm: Double-check all entered information for accuracy.
- Make payment: Pay the £15 filing fee to complete the process.
For detailed guidance, refer to the official instructions provided by Companies House.
The key components of your submission
When preparing to file CIC accounts online and CIC34 report, ensure they include:
- Balance sheet: A snapshot of your company’s financial position at the end of the fiscal year.
- Profit and loss statement: Details of your income and expenditures.
- Notes to the accounts: Additional information providing context to the figures.
- Directors’ report: An overview of the company’s activities and performance.
- CIC34 report: This presents how your company’s activities have benefited the community, including stakeholder consultations and director remuneration.
For a comprehensive breakdown of what to include, get in touch with your accountant or consult the guidance on the GOV.UK website.
Avoiding common pitfalls
To ensure a smooth filing process:
- Start early: Give yourself ample time to prepare and review all documents.
- Stay informed: Keep abreast of any changes in filing requirements by regularly checking official resources.
- Seek professional advice: If uncertain, consult an accountant experienced in CIC filings.
Get help
Filing your CIC accounts online is a straightforward process when you’re well-prepared. By adhering to the guidelines and deadlines, you ensure your company remains compliant and continues to serve the community effectively.
At JCS Accountants, we understand the unique responsibilities of CICs. If you need assistance with your filings or have any questions, we’re here to help.
Contact us if you need help filing your CIC accounts online. This will ensure your company stays compliant and focused on its mission.
