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CIC formation handled properly, from the asset lock to your first filing
CIC formation is what most people setting up a community interest company in Cardiff ring us about first, usually a week before a funder wants a company number.
Most CICs come unstuck at the start, with a community interest statement a funder cannot use or objects that say nothing about what you actually do. We form CICs for organisations keeping us on as their accountants afterwards. Tax investigation cover is included free for every client.
In one lineSupreme Consultants is an AAT licensed accountancy practice in Cardiff Bay that forms community interest companies for founders across South Wales and files their CIC accounts and community interest reports afterwards. Fees are fixed and agreed before work starts. The firm founded its own CIC, LedgerUp, to get young people into finance.
Check we’re the right fit
A few questions about your business. Mudassir replies the same working day.
Thank you Mud, your help and support with my VAT return is greatly appreciated. Always a prompt response and my difficult VAT return was quickly submitted and resolved. Would definitely recommend.
5.0 on Google from 14 reviewsReply the same working dayFee fixed before we startEnglish, Urdu, Hindi and Farsi spokenIs your CIC in good hands? Three questions.
Answer with the buttons, no email needed.
Question 1 of 3
Does your accountant reply the same working day when a funder asks for figures?
Do you know your fee for the year ahead will not change?
If HMRC wrote to your CIC tomorrow, would they deal with it at no extra cost?
That is a real gap, and it usually shows up on the week a report is due. Run the check and we will tell you where you stand.
Start the checkYou are in a reasonable position on most of it. There is one piece worth a conversation before your next funder deadline.
Start the checkYou are well served and there is no reason to move. Read the guides if you want a second view on the CIC reporting year.
Read the guidesWhat you get
HMRC cover included at no charge
If HMRC opens an enquiry into your CIC, we deal with it and you pay nothing extra. Every investigation we have handled, we have won.
A community interest statement that passes
We write it with you before anything is filed, so the regulator reads objects that match what your CIC will actually do.
Books a funder can report from
Grant money is coded to the grant from the first transaction. When a funder asks for a spend report, you hand it over that day.
What people tell us when they call about a CIC
Three things we hear most weeks from founders in Cardiff and Newport.
“A funder wants our company number by Friday and we have not sent the forms off yet.”
The application sat waiting because the community interest statement had not been written. The deadline moved, and so did the money.
“We copied the wording off another CIC’s documents and the regulator sent our application back.”
Weeks lost, and a second round of questions about objects that did not describe the work.
“We have been taking donations into a personal account because the company is not set up.”
Untangling that costs more in bookkeeping than forming the CIC properly would have.
What changes once we take it on
You get a fixed fee agreed in writing before we file anything. The statement, articles and objects are drafted around the funding you are chasing. After the certificate arrives we stay on for the accounts and the community interest report.
Forming it through an online agent, or through us
Both get you a company. They differ in what happens after the certificate.
Using an online formation agent
Your application is filed minutes after you pay.
The community interest statement is yours to write.
Nobody checks the objects against how you plan to get funded.
Once the certificate arrives, the help stops.
With Supreme Consultants
We write the community interest statement with you before anything is filed.
Objects and the asset lock are drafted around the funding you are chasing.
Corporation tax, payroll and Xero are set up in the same month.
We are still here when the first CIC accounts and community interest report fall due.
Eight things to check before you file
Yes to all eight and your CIC application is in good shape.
Have you written a community interest statement in your own words?
The regulator reads it to decide whether the company serves a community.
Do your objects describe the work you will actually do?
Borrowed wording is the most common reason an application comes back.
Have you chosen between limited by guarantee and limited by shares?
Funders often expect one and not the other, so decide before filing.
Do your directors know the asset lock applies for good?
Assets and profits stay in the community purpose, including on a wind up.
Have the directors completed Companies House ID verification?
Filings get held up when a director has not verified.
Is there a bank account ready in the company name?
Money through a personal account costs more to unpick later than it saves.
Can you show a funder what their money was spent on?
Code grants separately from day one and the report takes minutes.
Do you know when your first CIC accounts and report are due?
They go in together, and late filing is visible on the public record.
What we do for your CIC formation
The whole setup in one place, then the ongoing accounts.
All Services- Community interest statement
- We draft it with you so the regulator can see who benefits and how. No borrowed wording.
- Articles and asset lock
- Articles matched to how you will be funded, with the asset lock set out clearly for directors and funders.
- Companies House and HMRC
- Incorporation, corporation tax registration, VAT and PAYE where you need them, and director ID verification at no charge.
- Books set up for funders
- Xero set up with grants tracked separately, so a spend report is a few clicks rather than a weekend.
- Your first CIC accounts
- Year-end accounts and the community interest report prepared and filed together, with every date diarised in advance.
What a first meeting usually turns up
A Cardiff shop franchisee came to us still paying full business rates through Covid. Cardiff Council required an application for retail rates relief and nobody had told him.
Clients described by type. Names withheld.
- How it was found
- We spotted it in the first meeting because we knew the Welsh application rule.
- What happened
- He got the money back, and we run the same first look over every CIC we form before its first funder report.
Reviews from clients
Thank you Mud, your help and support with my VAT return is greatly appreciated. Always a prompt response and my difficult VAT return was quickly submitted and resolved. Would definitely recommend.
I just want to say a big thank you to Mudassir for all the advice, guidance and help he has provided whilst dealing with my accounts and tax returns. From start to finish the service has been excellent and professional. Unlike other accountancy firms they provide a friendly personalised service, I was very clear on the process and was even provided with additional guidance where needed. Highly recommended!
Friendly, nice 👌 , helpful and great all around
Difficult to describe as there are too many words that can be expressed for a wonderful accountant and their firm.
Definitely 🔝 and highly recommended in Wales 🏴 and throughout the UK for Accountancy and Tax Services
Shaz Khan
Getting started
Four stages from the first chat to your first report to a funder.
- Before you join
A straight answer on fit
Book a free chat and tell us what the CIC is for and who is funding it. If a CIC is the wrong wrapper for the work, we will say so.
- Week one
Your CIC filed at Companies House
We complete your ID checks and agree the fixed fee in writing. Then we draft the community interest statement, the objects and the asset lock, and file the application.
- First month
Bank, HMRC and books running
We register the company for corporation tax, set up Xero and sort payroll if you are paying anyone. Companies House ID verification is free with us, where other firms charged around £50 a head.
- By ninety days
Ready for your first funder report
Spend is coded to each grant from the first transaction. Every filing date for the year is diarised, including the community interest report.
Who we are not right for
We only form CICs for organisations that are keeping us on as their accountants afterwards.
We do not act for registered charities or for CIS construction subcontractors.
If HMRC is already well into an investigation, we are rarely the right firm to pick it up.
If you are unsure which of those describes you, run the check and we will tell you straight.
CIC formation: questions people ask
How much does CIC formation cost?
You pay a fixed fee agreed in writing before we start any work. The figure depends on how the CIC will be funded, whether you need payroll and VAT, and how much setup your books need. We quote after the free introductory chat rather than guess at it. Calls, meetings and emails are never charged for.
We already have an accountant. Can we move our CIC to you?
Yes. We write to your current accountant for professional clearance and your records, so you do not have to make that call. We get appointed as your agent with HMRC and Companies House, migrate you to Xero free if you want to move, and the first month is free.
What happens if HMRC writes to our CIC?
You send it to us and we handle it. Tax investigation cover is included free for every client, where many firms sell it as an add-on. Every HMRC investigation this firm has handled, it has won. You will not get a separate invoice for the correspondence or the calls.
Do we have to change accounting software?
No. We work with what you already use. If you would rather move to Xero, we migrate you free as part of joining, including the opening balances and any grant tracking you need. If your records are a box of receipts, we will set the bookkeeping up from scratch.
How long does CIC formation take?
Companies House passes every application to the CIC Regulator, who reads the community interest statement before approving it. That review sets the timetable, not us. What we control is getting the statement and objects right first time, which is the usual reason an application comes back. Tell us your funder deadline at the first chat.
What is the difference between a CIC and an ordinary limited company?
A CIC has an asset lock, so profits and assets stay with the community purpose. You file a community interest report each year alongside your accounts, and both appear on the public record. Directors can be paid, within limits the regulator expects you to justify in that report.
Three ways to take the next step
Run the check
Answer a few questions about your plans and we come back the same working day with what forming the CIC involves for you.
Start the checkGot a question first?
Ask Mudassir directly about your funder deadline or your objects, and the call costs nothing.
Ask Mudassir a questionStill deciding on the structure?
The guides set out how the asset lock, the annual report and funder expectations fit together before you commit.
Read the guides