Let's talk CICs: An overview of Community Interest Companies
A business structure that is perhaps often overlooked, if you are considering setting up a social enterprise, then there are in fact considerable advantages to operating as a CIC.
James Elvin Author Page
Business Team Senior Manager
Jimmy’s Professional Experience
Jimmy has spent the last 26 years at Price Bailey, after joining as a trainee school leaver in 1998. Successfully qualifying as an accountant in 2004, Jimmy became a Senior Manager in the Business Accounting and Compliance team in 2022. A dedicated manager to his portfolio of owner-managed business clients, Jimmy supports them with the full range of accounting and compliance services and works with them to understand their business’ development needs, referring in other departments where needed. Based out of our Norwich office, Jimmy has a broad portfolio of clients across a variety of sectors, however, he has experience in providing bespoke advice to the needs of Charities and Not for Profit (NFP) clients. Jimmy is also both Xero and Quickbooks certified, positioning him well to support and advise his clients on the use and management of cloud and desktop accounting solutions. More about Jimmy.
Published Content
Given Jimmy’s broad experience of supporting clients through their accounting needs, Jimmy’s contributions to content for the firm have been equally wide reaching. Most recently, he updated his pre-year-end considerations for businesses with a 31 March year end and preparing for the end of the tax year. Utilising his knowledge of the Charities and NFP sector, he has also produced an overview of Community Interest Companies (CICs), as a seemingly overlooked business structure. In addition, he has written pieces looking at the interplay between Directors’ loans, salary, rent and dividends in owner managers’ tax calculations.
Publications, press and speaker events
In 2020, Jimmy was selected as one of the panel members responsible for selecting the winners of awards at Broadland District Council’s Community at Heart Awards in Norwich, an event that Price Bailey supported for several years between 2017-2021. In addition, Jimmy was also a regular speaker at Broadland Online Directory breakfast events across Norfolk prior to the COVID-19 pandemic.
Qualifications
Jimmy is qualified as a Certified Accountant (FCCA) and AAT qualified.
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Articles by James
Director's loan interest and how it could reduce your tax bill
Charging interest on director’s loans can be a tax‐effective method for extracting funds from a limited company, and should be considered alongside salary, rent and dividends. When structured correctly, it can significantly boost tax efficiency. Find out more here...
Preparing for P11D 6 July deadline
With the 6 July deadline approaching for submitting P11D forms to HMRC, read our reminder of the intricacies and requirements of these forms to ensure preparedness, accuracy and minimise the chances of any complications.
Pre year-end considerations
As year-end approaches, read our article where we outline the key considerations that you should review ahead of time, as well as details of how we can assist.