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Taxable profit and grants
3 Replies

I run a community accounting service for charities and not-for-profit organisations.  My own particular area of expertise and main market for the business is charities who have a greater need for my…Continue

Tags: grants, tax, Corporation

Started this discussion. Last reply by Debbie La-Haye Feb 11, 2011.

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Latest Activity

Alastair Irvine replied to Chris Dennis's discussion Directors Remuneration - should self-employed fees be shown? in the group Accounts Group
"This may be of interest http://www.accountingweb.co.uk/topic/financial-reporting/overcome-your-disclosure-problems-steve-collings and is in line with my advice elsewhere on the split of the money paid to Directors - that you need to distinguish…"
Jun 3, 2013
Stephanie Webb replied to Chris Dennis's discussion Directors Remuneration - should self-employed fees be shown? in the group Accounts Group
"Hi There,  I have been also been majorly confused - our accountant has raised this as a concern, as some Directors have been on PAYE as they have also been undertaking Senior Youth Worker roles where we have had staff shortage.   Where…"
May 24, 2013
John Mulkerrin replied to Chris Dennis's discussion Directors Remuneration - should self-employed fees be shown? in the group Accounts Group
"Hi Subrata I would suggest you speak to your accountant, the basic issue of proving the self employed payment needs to be handled by someone who is certain. What other legal matters are you thinking about? All the information is on the HMRC…"
Apr 17, 2013
Subrata Saha replied to Chris Dennis's discussion Directors Remuneration - should self-employed fees be shown? in the group Accounts Group
"I have the same queries - very confused, if a director provide service to their CIC as a self-employed contract will that be declared as a director remuneration? in this occasion, director receive payment against invoice produce from his/her…"
Apr 17, 2013
Chris Dennis added a discussion to the group Accounts Group
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Directors Remuneration - should self-employed fees be shown?

In a recent set of accounts I've produced for a CIC the directors are adamant that fees paid to them as self-employed consultants should not be shown as directors remuneration.  Another accountant has told them they don't need to show any directors remuneration in this case.From the model articles that most CICs use it has a section on directors remuneration saying all salaries or fees paid to directors should be shown and reported in the CIC34 form or the accounts.I usually put Director's Fees…See More
Jan 25, 2013
Chris Dennis and Sean Wheeldon are now friends
Dec 5, 2011
Chris Dennis joined John Mulkerrin's group
Aug 17, 2011
Chris Dennis joined Heidi Harris's group
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Accounts Group

For any accounting related queries, including accounts software package questions, grants and trading income treatment, HMRC or Companies House queries/issues, tax reliefs for CICs, links to useful finance information etc
May 5, 2011
Heidi Harris and Chris Dennis are now friends
Feb 12, 2011
Debbie La-Haye replied to Chris Dennis's discussion Taxable profit and grants
"Hi Chris, DId you get more info at the conference? My accountant is interested in this as we will be making a profit this year (hooray!) so facing tax (boo!)   Debbie"
Feb 11, 2011
Chris Dennis replied to Chris Dennis's discussion Taxable profit and grants
"I'm confused now - the only information I can glean about the subject comes from a chartered accountant's website:- Unincorporated associations and not-for-profit companies, including CIC’s, will usually be liable to Corporation Tax…"
Jan 13, 2011
Chris Dennis commented on Lynda Lynne's blog post Accounts
"Can you explain the possible circumstances where grant funding is non-taxable."
Jan 6, 2011
Alastair Irvine replied to Chris Dennis's discussion Taxable profit and grants
"Hi Chris,   Revenue / Income grants are taxable. Whether you have costs to reduce the taxable grant (such as specific project costs) is a subsequent issue, but the Grant itself should be included in taxable income. (As always, certain cases can…"
Jan 6, 2011
Chris Dennis posted a discussion

Taxable profit and grants

I run a community accounting service for charities and not-for-profit organisations.  My own particular area of expertise and main market for the business is charities who have a greater need for my services and have greater reporting requirements than CIC's for example.However I have a few CICs that I am helping and the question of tax on profit has come up with some of them. Am I right in thinking that where they have had a grant which is not to deliver a specific project or service then that…See More
Jan 4, 2011
Chris Dennis is now a member of CIC Association
Dec 17, 2010

Profile Information

What is your postcode?
TR3 7BS
Name of organisation (if any) you are associated with?
Community Accounting Services Kernow CIC
Is that organisation a CIC?
Yes
If you have a website, what is your web address?
http://www.caskernow.co.uk
Are you interested in representing a CIC at the CIC Association AGM?
Yes
Are you interested in working in partnership with the CIC Association?
Yes

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At 16:51 on December 17, 2010, John Mulkerrin said…

Welcome Chris

Hope you like what we're doing and look forward to your contribution.

Best regards

John

 
 
 

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