"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…"
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
"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…"
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…"
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