How to File CIC Accounts (Properly): A Practical Guide for Social Entrepreneurs

Running a CIC means you’re juggling two jobs: delivering impact and running a regulated company. Filing your annual accounts and CIC report isn’t optional admin – it’s how you prove to funders, partners and the public that you’re a well-run, transparent organisation.

This guide shows you exactly what to file, when to file, and how to avoid the usual pitfalls – step by step, with links to the official rules.

1) What exactly do CICs have to file each year?

Every CIC files two things together for the same year-end date:

1. Statutory company accounts (approved by the board and signed by a director).
2. A CIC annual report (form CIC34) explaining how your activities benefited the community, plus disclosures about dividends/interest and directors’ pay policy. You file the report with the accounts.
3. You can file online using the Companies House CIC service (pay a £15 fee at checkout) or by post (also £15; include a cheque). Online filing is available for full accounts and software “package” submissions; some smaller formats may still need paper – check the service for your situation.

Key point: if you submit accounts without the CIC34, your filing is incomplete and will be rejected.

2) Deadlines: the dates that matter (and how to avoid penalties)

• First accounts: due within 21 months of incorporation.
• All later years: due 9 months after your financial year-end (private companies).
  Miss the deadline and Companies House automatically applies late-filing penalties.

What the penalty looks like (private companies)

• <1 month late: £150
• 1–3 months: £375
• 3–6 months: £750

• 6 months: £1,500
  Penalties double if you miss deadlines two years in a row.

If something outside your control will make you late (fire, serious illness, etc.), you can apply before the deadline to extend the filing date. If approved and you file by the extended date, no penalty is charged. Don’t wait – extensions aren’t granted after the deadline has passed.

3) Which accounts format can you use?

Your format depends on your company size (turnover, balance sheet total, employees). The thresholds changed for financial years beginning on or after 6 April 2025:

Size thresholds in force for years starting on or after 6 April 2025

• Micro-entity: turnover ≤ £1m, balance sheet total ≤ £500k, employees ≤ 10.
• Small: turnover ≤ £15m, balance sheet total ≤ £7.5m, employees ≤ 50.
  The new thresholds were implemented by SI 2024/1303 and confirmed by the FRC and professional bodies. Transitional provisions let companies benefit promptly.

Filing formats (micro/small/full) carry different disclosure requirements under UK company law. CICs must also include the CIC34 report regardless of size.

Practical tip: Some CICs can file “package accounts” generated by compliant software (ZIP upload). Others (e.g., certain dormant or micro filings) may still need paper. Always check the online service for what’s accepted for your format.

4) The CIC34 report: what you must cover

Think of the CIC34 as your public accountability note. It typically includes:

• What you did and how it benefited your community;
• Any dividends or interest paid (and how this aligns with CIC rules);
• A statement on directors’ remuneration in the context of community benefit.
  The form and continuation sheets are published by the CIC Regulator with examples.

Make the report work for you: funders and local authorities often read the CIC34 first. Use clear, concrete outcomes and metrics; avoid jargon.

5) Step-by-step: how to file without drama

Step 1 – Prepare the numbers

Reconcile bank accounts, list all income (trading + grants), code costs properly (project vs. overhead), and agree year-end journals. Directors review and approve the accounts.

Step 2 – Draft the CIC34

Write to the same year-end date as the accounts. Be specific: activities, beneficiaries, outcomes, any distributions, and how pay aligns with mission.

Step 3 – Sign off

A director signs the balance sheet. Keep board minutes evidencing approval.

Step 4 – File online (or by post)

• Go to the CIC filing service, sign in (or create) a Companies House account, enter your company number and authentication code, upload the accounts + CIC34, and pay £15 by card.
• If posting, send the signed accounts + CIC34 with a £15 cheque to the Registrar of Companies (follow the paper filing steps).

Step 5 – Keep proofs

Save the submission receipt/email for funders and audit trails.

6) Record-keeping: how long to retain documents

There are two overlapping regimes:

• Companies Act minimum for private companies: keep accounting records at least 3 years from when made (public companies: 6 years).
• HMRC expects company tax records to be kept 6 years from the end of the relevant accounting period (longer in some cases). Companies House guidance also frames six years as the norm. Best practice: keep six years.

7) Common mistakes (and quick fixes)

• Forgetting the CIC34 → Filing rejected. Always attach it.
• Using the wrong size regime → Check thresholds for your year start (the rules changed from 6 April 2025).
• Assuming an extension after the fact → Extensions only before the deadline.
• Leaving it to the week of the deadline → If something goes wrong (director not available to sign, software error), you’re out of road. Apply for an extension early if needed.
• Not keeping evidence for funders → Save the Companies House receipt, the signed PDF, board minutes, and your working papers.

8) What funders and stakeholders actually look for

• Timeliness (no late penalties on the public record).
• Clarity in the CIC34 – measurable outcomes, not slogans.
• Consistency between your accounts narrative and your funding reports.
• Governance – board sign-off, conflicts handled, sensible pay policy.

Remember: filings are public. A clean, on-time track record is part of your fundraising story. (Recent reporting has shown fines are up and enforcement is under scrutiny – avoid being the case study.)

9) Quick compliance calendar (example)

Let’s say your year-end is 31 March:

• April–May: close the books, draft accounts & CIC34, schedule the board meeting.
• June: board approval and signature.
• By 31 December: file accounts + CIC34 (that’s 9 months after year-end). If something outside your control threatens that date, apply for an extension before 31 December.

10) FAQs – straight answers

Do CICs pay Corporation Tax?

Yes – CICs are companies for tax. Being “not for profit” doesn’t create a tax exemption. (Charity status would be different; that’s a separate regime.)

Can I file everything online?

Often yes – especially full accounts (and software ZIP “package” accounts). Some smaller/dormant formats can still require paper. Check the Companies House CIC service for what’s accepted for your case. Fee is £15 either way.

What if we miss the deadline?

A penalty is automatic and increases with delay; it doubles if you’re late two years in a row.

What changed in 2025 with company sizes?

For financial years starting on or after 6 April 2025, the thresholds for micro/small/medium increased (e.g., small turnover limit from £10.2m to £15m). Make sure you apply the right year’s thresholds.

11) Useful official links (for your bookmarks)

• File your CIC report and accounts (online service; £15 fee, sign-in required).
• CIC34 form and example (CIC Regulator).
• Accounts deadlines & penalties (Companies House guidance).
• Apply to extend filing deadline (criteria and process).
• Company size thresholds (from 6 April 2025) – legislation and professional summaries.

12) Final word

Filing CIC accounts isn’t about ticking boxes; it’s about credibility. Treat the CIC34 as your shop window, get the numbers right, file on time, and keep clean records. You’ll make your funders’ lives easier – and yours too.

If you want a second pair of eyes or need us to prepare and file everything end-to-end (accounts, CIC34, board pack, submission), just say – happy to take it off your desk so you can stay focused on impact.