CIC by Guarantee Tax on Profit

We are in our first year of trading as a CIC by Guarantee. Our business objective is to raise funds to cover the running costs of a free journal for professionals. If we have monies from our fundraising activities which we don’t use in this financial year, can we carry it over to the next financial year without paying tax on it? For example, we have overheads we need to cover in the next few years but may not be able to raise enough money each year to cover them.

Hi purplefleece,

A trade may be carried on for tax purposes, even though there is no intention to make a profit.
Once a trade is deemed to be carried on, there is a liability to tax on any resulting profit.
You may wish to consider, if your company can apply for "Mutual Trading " status, please see our web page
BIM24000 - Meaning of trade: mutual trading and members clubs 

Thank you.