CIC Association

Serving Community Enterprise

I am helping a couple of CICs in Bristol and would welcome some help on what is eligible or not for corporation tax

Eg are donations/fundraising wholely and freely given not liable for tax.

What is the criteria that HMRC acccepts that income is not liable for corporation tax.

Also if a funder gives a grant to fully fund capital expenditure in the year such as new building costs or purchase of a vehicle - how would this be dealt with on the corpotartion tax return concerning capital allowances.

say If £10k was received to purchase a vehicle for £10k . Net result on income and expenditure is zero but if the vehicle was capitalised say at 25% then the P&L would show a surplus of £7.5K

How would this be recognised on the company accounts and with the corporation tax return?



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