Knowledge Centre Category: C

Community Interest Company (CIC)

A Community Interest Company (CIC) is a type of limited company designed for organisations that want to use their profits and assets for public or community benefit. CICs are commonly used by social enterprises and are subject to additional regulation to ensure they operate primarily for social purposes.

CIC Regulator

The CIC Regulator is the statutory body responsible for overseeing Community Interest Companies in the UK. Its role is to ensure that CICs meet the community interest test and comply with ongoing requirements, including reporting obligations and restrictions on the use of assets and profits.

Carbon Accounting

Carbon accounting is the process of measuring an organisation's greenhouse gas emissions to understand and reduce its environmental impact. Green Accountancy offers a dedicated carbon accounting service that helps small businesses and charities create Environmental Statements and develop strategies for reducing their carbon footprint.

Corporation Tax

Corporation tax is the tax a UK limited company pays on its taxable profits, currently charged at 19% for profits up to £50,000, 26.5% for profits between £50,000 and £250,000 and 25% for profits over £250,000 (all at 25% for non-trading companies). Green Accountancy prepares and files corporation tax returns for a wide range of companies, applying legitimate reliefs to minimise the amount owed.

Community Benefit Test

The community benefit test is the assessment a company must satisfy to become, and remain, a Community Interest Company. It considers whether the organisation’s activities are carried on primarily for the benefit of the community rather than for shareholders or members.

Creative Industries Tax Reliefs

Creative Industries Tax Reliefs are a group of UK corporation tax reliefs designed to support organisations producing qualifying creative content, including film, high‑end television, animation, video games, theatre, orchestral productions, and museum or gallery exhibitions. Where eligibility conditions are met, these reliefs can provide an enhanced corporation tax deduction or a payable tax credit, helping creative organisations manage risk and invest in new work. Claims must meet specific cultural, expenditure and compliance requirements and are subject to HMRC scrutiny.