What are the accounting and compliance requirements for a Family Investment Company?
A FIC is an ordinary UK company, so it has the same filing duties as any other. Getting them right keeps the structure in good standing and avoids penalties — and good records make future planning far simpler.
What must a FIC file each year?
- Statutory accounts at Companies House within nine months of the accounting year end.
- A corporation tax return (CT600) with full accounts and computations, due within twelve months of the year end.
- Corporation tax payment, usually nine months and one day after the year end for companies below the large company threshold.
- A confirmation statement at least once every twelve months, confirming shareholders, officers and people with significant control.
- Quarterly CT61 returns if the company pays interest to individuals, such as on founder loans.
What registers and records are required?
- Registers of members, directors and people with significant control (PSC).
- Board minutes for decisions such as dividends, loans and investment policy.
- Dividend vouchers for each payment to shareholders.
- Identity verification with Companies House for directors and people with significant control, introduced under the Economic Crime and Corporate Transparency Act.
Does a FIC need an audit?
Not usually. A company qualifies as small and can claim audit exemption if it meets two of three tests: turnover of no more than £15 million, balance sheet total of no more than £7.5 million and no more than 50 employees. Some shareholders can still require an audit, and investment portfolios may raise the balance sheet total above the threshold.
Are FIC accounts public?
Limited companies must file accounts at Companies House, which anyone can view. Small companies can file reduced information. An unlimited company does not file public accounts, but its shareholders have unlimited liability, so it is generally used only where assets are unleveraged.
Frequently asked questions
Accounts are due at Companies House within nine months of the year end, and the corporation tax return within twelve months.
Most do not. Small companies meeting two of the turnover, balance sheet and employee tests can claim audit exemption.
Yes. Directors and people with significant control must verify their identity with Companies House.
A limited company's accounts are public, though small companies file less detail. Unlimited companies avoid public filing but at the cost of unlimited liability.
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