Hi,
HMRC guidance on the taxation of CICs is available on our website at:
CTM40145 - Particular bodies: clubs: Community Interest companies- Particular bodies: clubs: Community Interest companies.
Grant income is subject to the normal taxation rules, and the tax treatment of grants will depend on whether they are capital or revenue in nature.
HMRC guidance on the tax treatment of grant income is available at:
BIM40451 - Specific receipts: grants and subsidies: introduction- Specific receipts: grants and subsidies: introduction.
Whether a particular receipt is taxable depends upon the facts of the case.
Grant income that is revenue in nature and relates to trading activities will be subject to corporation tax. If you have received a grant to defray a specific expense, there may be no tax liability even though the income itself is taxable.
If the grant is to be used to offset future expenses, you may find the guidance here useful:
BIM42215 - Deductions: timing: deferred revenue expenditure- Deductions: timing: deferred revenue expenditure
HMRC is not able to provide specific tax advice.
If, after consulting HMRC guidance, you still need advice about the accounting and tax treatment of grant income, you will need to speak to an accountant.
Thank you.