2 ms·

>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

• graemep 2y ago
  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.
  • foldr 2y ago
    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.
    • graemep 2y ago
      > 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.
      • foldr 2y ago
        Right, so the 'accounts' are correspondingly simple. Essentially just a list of things the company has purchased.