Do you know how to manage conflicts of interest?
New online process for incorporating Community Interest Companies (CICs)
Are you setting up a new Community Interest Company? You can now use an online incorporation process. This new digital registration option will offer:
- significantly reduce incorporation times,
- online convenience; and
- 24-hour availability to the CIC sector
As well as including CIC and Company House registration this three-way digital service includes HMRC, enabling CICs to register for corporation tax as they incorporate their business.
According to the regulator, the new system will let applicants know that their application has been received and confirm incorporation as soon as it is completed, usually within two working days. It will also allow Companies House to process and place community interest companies on the public record far more efficiently than paper documents. The online process will provide benefits such as security, speed and environmental savings.
Digital incorporation will:
- Reduce incorporation costs for prospective CICs to £27
- Allow payment by card or PayPal; and
- Confirm incorporation – within 2 working days, in the majority of cases.
For further information on the new online process, take a look at this webinar which provides an overview of the online system https://bit.ly/2WabXoe
The Charity Commission has published new guidance for charities that are connected to non-charitable organisations
Does your charity have links to a non-charitable organisation? New guidance from the Charity Commission aims help charities to reap the benefits of such relationships while managing risks carefully.
The Commission says its casework has identified examples where charities have not managed their links to non-charitable organisations with care, in some cases allowing charities to be misused to further non-charitable interests, including commercial or private interests.
The regulator recognises that many charities work successfully in close partnership with a wide variety of non-charitable organisations, such as trading subsidiaries. These relationships can be crucial in helping a charity deliver on its mission for the public benefit.
The new guidance does not set out new rules or regulations, but draws together relevant law and practice in setting out six principles to help trustees ensure their arrangements for working with a linked body secure the charity’s interests and independence.]
- Recognise the risks
- Do not further non-charitable purposes
- Operate independently
- Avoid unauthorised personal benefit and address conflicts of interest
- Maintain your charity’s separate identity
- Protect your charity
You can read the full guidance on the Charity Commission website: Guidance for charities with a connection to a non-charity
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