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Paul Johnson
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Paul Johnson replied to Paul Johnson's discussion Minimising Corporation Tax - again! their grant in the first in the group Accounts Group
"Thanks Alastair I imagine that option is too late as I have already submitted accounts, CiC Report etc and declared NIL CT to Pay back in January Co incorporated May 3 2016 I have resolved the problem by using the Small Pool write…"
Thursday
Alastair Irvine replied to Paul Johnson's discussion Minimising Corporation Tax - again! their grant in the first in the group Accounts Group
"Was May 3 2016 the start of trade or incorporation? Can you delay trading so you have less than one year."
Tuesday
Paul Johnson replied to Paul Johnson's discussion Minimising Corporation Tax - again! their grant in the first in the group Accounts Group
"Hmmm,  "Small Pool Write-off" at 100%?  any reason why I shouldn't? "
Tuesday
Paul Johnson added a discussion to the group Accounts Group
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Minimising Corporation Tax - again! their grant in the first

Hello allMy pro-bono CIC client incurred capital spend in their first year when all income was grant funded. They didn't spend all the grant so I used your helpful tip elsewhere to take only the applied grant to the I&E statement.  So far so good.Sadly their 1st year of accounts are > 1 year: May 3 2016 - May 31 2017.  Apportioning the capital spend (and the add-back of disallowed Depreciation) across the two CT periods results in a Tax liability in CT period May 3 - 31 2017 because the…See More
Tuesday
Paul Johnson replied to Alastair Irvine's discussion Are Grants Taxable? Am I Trading? in the group Accounts Group
"Thanks Alastair I believe its deferred: it was a start-up grant to fund programme marketing and not all of this spend was finished inside the 1st accounting period - it was all spent in the next 4 months.  It would seem extremely unreasonable…"
May 13
Paul Johnson replied to Alastair Irvine's discussion Are Grants Taxable? Am I Trading? in the group Accounts Group
"Hi all I am a retired public sector accountant, NHS background largely but some other sectors too. I have a pro-bono CIC client whose first accounts I have prepared and whose first CT600s are due soon. I have taken the excellent advice above and…"
May 13
Paul Johnson joined Heidi Fisher'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 13
Paul Johnson is now a member of CIC Association
Feb 27

Profile Information

What is your postcode?
SW99PN
Name of organisation (if any) you are associated with?
iammore
Is that organisation a CIC?
Yes
Are you interested in representing a CIC at the CIC Association AGM?
No
Are you interested in working in partnership with the CIC Association?
No

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