Nwabobo Nwabobo

That's helpful. Thanks for your reply.

Hi, we are in the first year of trading as a CIC by guarantee. However, our CIC is exclusively by membership, run by the members and for the members only. Our income comes from members subscriptions and members make one-off donations to fund any special events. Surplus from trading are not distributed but retained to fund the CIC's activities. I understand there will be no CT liability under the mutual trade principle, but I have a couple of questions please; - How do we apply for "mutual trading" status with HMRC? - If I have to submit a CT return, do I just enter zero in all relevant cells, given that all our transactions in the year are from mutual trade with members? Thank you..