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TREASURERS UPDATE- Dec 2024
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https://www.nuneatontownfc.co.uk/news/treasurers-report-december-2024
Well done.
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Re: TREASURERS UPDATE- Dec 2024
Views: 383
As I understand it, a CIC is a Limited Company & is taxed in the same way as any other Limited Company.
Therefore, it pays Corporation Tax on its profits & it pays VAT.
Is that correct?
If so, how is this reflected in LH's reporting?
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Re: TREASURERS UPDATE- Dec 2024
Views: 333
The current (2023-24) corporation tax rate is 25%, rising from 19% last year. However, not all businesses need to pay at this level. If your company made more than £250,000 in profit this tax year, then you'll have to pay the full main rate of 25%.16 Feb 2024
>>>> Former Nuneaton Boro fan <<<<
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Re: TREASURERS UPDATE- Dec 2024
Views: 363
We are yet to hit the VAT registration threshold - but not far away.
As for Corporation Tax, we will be subject to tax on surpluses made in the year - this will be reported in our accounts for the financial year which ends in June. However, we expect to spend some of the surplus before then, and some of the reported income can be deferred, so the amount of tax we will largely dependent on how the "Back to Nuneaton" progresses over the next six months.
Our monthly management accounts are produced on an EBITDA basis, so the impact of Corporation Tax is excluded.
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Re: TREASURERS UPDATE- Dec 2024
Views: 333
Thanks Lee, understood.
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Re: TREASURERS UPDATE- Dec 2024
Views: 334
No problem, very sensible question.
Obviously some of our costs to date include unrecoverable VAT, but this has been more than offset by us being able to keep 100% of our gate receipts. A significant portion of our turnover is outside the scope of VAT, which has kept us below the £90k registration threshold, but VAT will kick in from 1st March.
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Re: TREASURERS UPDATE- Dec 2024
Views: 353
No, the club are not allowed to make a profit, all excess funds need to be ploughed back into to the club.
Read the report.
Note to self, 'be careful what you wish for'
Edited by BoroughPod at 21:13:00 on 9th January 2025
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Re: TREASURERS UPDATE- Dec 2024
Views: 364
What is HMRC's view of that at the financial year end?
Profit is Profit.
Are the figures LH is reporting accounting for the payment of VAT?
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Re: TREASURERS UPDATE- Dec 2024
Views: 335
Profit/surplus
Loss/deficit.
The new club did not adopt this model blind and got expert advice/support. There were/are several models available and they picked this one.
No money can be taken out of the company (even if theoretically)
I have 100% confidence they know the ins and outs and will act accordingly.
>>>> Former Nuneaton Boro fan <<<<
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Re: TREASURERS UPDATE- Dec 2024
Views: 347
See Lee's earlier answer higher up thread.
That's what I wanted to know & he has given a good explanation...transparency.
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Re: TREASURERS UPDATE- Dec 2024
Views: 311
I will include this explanation in my January update, incase anyone in the wider fan base or otherwise was wondering.
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Re: TREASURERS UPDATE- Dec 2024
Views: 520
This part is superb by the way.
No 'doom and gloom' here
''Another positive development in the month is that we no longer requite donations from Nuneaton Town Supporters Co-operative to cover basic off-the-field operating costs, meaning the club has proved itself fully self-sufficient operationally. ''
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Re: TREASURERS UPDATE- Dec 2024
Views: 377
Bump,
Surprised no one has responded on this.
Genuinely think it’s a superb achievement.
*Doom and gloom merchant*
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