eatreasurer
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RE: Corporation tax for CIC
I have recently taken over as the Treasurer for a local CIC. Our income is a mix of grants, donations and some feed in tariff (FIT) income. The independent examiner has advised that only the FIT income is liable for CT. However, when submitting our CT return there is no option that I have found where I can separate this amount out for CT calculation purposes. Having searched through various HMRC webpages, and reading through and following the links in this post, it seems to me that the advice that we have received appears to be wrong. Therefore, our profit of £18k is all subject to CT and not just the FIT income amount of £1.1k. Am I correct? If not, please advise what I need to do.