Twaddle factor still a bit high. You do not necessarily have to have your accounts audited, the law changed a year or two ago and my own company, which turns over circa 1.25 million hasn't published audited accounts since. HMRC website will no doubt have the info.
The idea that group members buy shares in the company and get voting rights ain't necessarly so either. If you're foolish enough to buy a timeshare does your cash give you shares and voting rights in the timeshare company?
Nor is the idea that a company is financed by its members true. If you look at any successful company you'll find that the nominal value of the shares (the money put up by the shareholders which they will lose if it all goes pear-shaped) is diddly squat compared with the value of the company (which is why if you want a 5p share in BT you'll need to stump up over 3 quid for it).
The truth of the matter is that if HMRC think that tax payable is being avoided they have the power to make your life extremely difficult. "Getting round BIK" is not an option.
Finally, "Catch 22" is that if HMRC feel that the financial structure has been set up purely for the business of avoiding tax and not for legitimate business reasons they have the ability to ignore it and assess the tax due as if the arrangement had not been entered into.
Mike