[Talk-GB] Next UK chapter concall

[Jez Nicholson]

Does anyone know a friendly accountant?

A CIC pays tax on profits just as any company does. You may have to pay
corporation tax on membership fees, donations, etc. 'income' that isn't
spent, aka 'trading profit'.
http://www.hmrc.gov.uk/manuals/ctmanual/ctm40145.htm

On Tue, 26 Jan 2016 at 23:14 Rob Nickerson <rob.j.nickerson at gmail.com>
wrote:

> Brian wrote:
> >On legal structures, please read Rob's excellent summary before the
> >concall. I've read it and my conclusion so far, and I'm still not clear on
> >some things, is that we shouldn't go for unincorporated society (unlimited
> >liablity for officers) or charity (we don't have a charitable purpose and
> >the legal strictures are a bit more complex than we'd want). From the rest
> >I think company limited by guarantee (that's what OSMF chose) suits us
> >best. Not sure yet whether CIO or CIC, given that we'd be non-profit, are
> >worth considering.
>
> Thanks Brian. I found time to look again at CIC's today and have updated
> the document and wiki [1]. They are limited companies with extra features.
> The extra features mean more paperwork (although apparently not too much
> more) but send a clear message that we are for community benefit not
> personal gain.
>
> A CIO is essentially a "Charity-light" in that it only needs to register
> with the Charity Commission and not Companies House as well (as a
> Charitable Company does). I'm not sure how much annual overhead and
> legalise this removes. We still would need to meet the Public Benefit Test
> (and presumably obey Charity Law).
>
> Will discuss on the concall.
>
> *Rob*
> [1] https://wiki.openstreetmap.org/wiki/UK_Group#Structures
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