TREASURERS UPDATE- Dec 2024

By MJNBToday 11:35Today at 11:35:30

Views: 273

https://www.nuneatontownfc.co.uk/news/treasurers-report-december-2024

Well done.

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Re: TREASURERS UPDATE- Dec 2024

By VoRToday 21:06Today at 21:06:07In response to TREASURERS UPDATE- Dec 2024Top of thread

Views: 30

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

By LHToday 21:21Today at 21:21:27In response to Re: TREASURERS UPDATE- Dec 2024Top of thread

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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

By Boropod (BoroughPod)Today 21:12Today at 21:12:25In response to Re: TREASURERS UPDATE- Dec 2024Top of thread

Views: 19

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

By VoRToday 21:19Today at 21:19:20In response to Re: TREASURERS UPDATE- Dec 2024Top of thread

Views: 15

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

By MJNBToday 11:38Today at 11:38:45In response to TREASURERS UPDATE- Dec 2024Top of thread

Views: 234

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

By MJNBToday 20:19Today at 20:19:08In response to Re: TREASURERS UPDATE- Dec 2024Top of thread

Views: 82

Bump,

Surprised no one has responded on this.

Genuinely think it’s a superb achievement.


*Doom and gloom merchant*

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