Mutual Society set up help please

[LIC]

Hi. I wish to setup our organisation on quickfile but none of the categories seem to fit and I wondered if anyone can help please?
We are a Mutual Society (ie run and owned by its members for the benefit of its members), we are registered with Companies House and the FCA. We are vat registered and subject to corporation tax.
The options available of Limited company, sole trader or the two charity options don’t fit us at all.
There are hundreds of societies like us and I wondered if anyone on here can suggest my best option for set up.
Many thanks

[rhc]

Hi,
I found this and think it is maybe useful for you:

I am a Society

Hi everyone, I have just joined. I am Treasurer and Membership Secretary for a society. In our case, it is the Johnson Society of London. We are a collection of people with a specific interest. The committee that runs it is comprised entirely of volunteers. We have an annual membership fee and bank account. We run a web site (www.johnsonsocietyoflondon.org) which costs money. We publish a journal and so have to pay printers. We have monthly meetings and so have to pay the places in which we me…

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Hope this helps.

[LIC]

Thank you, but neither is equivalent to us. the first doesnt pay Vat and the second is a charity. we are liable for vat and corporation tax and we are not a charity. Mutual Societies are funny beasts!

[ian_roberts]

It sounds like limited company would be the closest match then. The main difference that the choice of category makes is the initial set of nominals on your chart of accounts - limited co has director’s loan, corporation tax and share capital, sole trader has drawings. Both types have the nominals for VAT and PAYE and these aspects are handled the same for all account types.

[LIC]

Many thanks Ian, I will try that.