CIC Taxable Donations

Hi, I'm looking to set up a CIC company which will be a small retail shop. I will receive donations from some drinks industry companies like Heineken. The donations will be glassware, bar mats, trays, umbrella's etc. Would I need to declare these donations of goods? I understand that I will need to declare all the profits from the sales of these items and pay the necessary tax but I'm unsure what I need to do when the items are donated. Thank you.

Hi Clive Thomas
Community Interest Companies (CICs) are a type of entity designed to exist for the benefit of the community rather than for the benefit of the shareholders.
Guidance available on our website here:
CTM40145 - Particular bodies: clubs: Community Interest companies
Confirms explains that for the purposes of Corporation Tax the CIC is chargeable to tax in the same way as other companies in the normal way.
This confirms there is no specific tax exemptions or reliefs for CICs.
As such you need to consider the ordinary principles on amounts received.
Generally voluntary amounts received by a company would be taxable as income if it is a receipt of the trade that is revenue in nature.
As these items are sold by the business to meet these criteria.
We would ordinarily expect the value of the donation to be included in the profit in the year the donations are received, however this amount would be an allowable expense when the items are sold.
You may wish to consult with your accountant or adviser regarding this when completing your tax return.
Thank you.