Grants an CT600

jilt

Ltd company has received a small grant, £790. I put it in other income in the accounts but can't see where to put it on the tax return.

Am I blind or just dumb? Can anyone point me in the right direction please?

deanshepherd

You don't put it anywhere unless you are adding it back for some reason.

jilt

Oh god Dean now I'm worried, never come across a business grant before.

Money paid into bank account and posted to other income. I was told that unless it specifically said that a grant wasn't taxable that all grants are taxable, so presumed it should be included in the accounts as income, but as it isn't from the company's trade or profession I didn't include in box 1.

There is no tax to pay anyway as the company has made a loss, but how should you treat it?

deanshepherd

Presuming you have included it within your profit (or loss) before tax figure, it will be on the return and taxed.

jilt

Thanks Dean, that's what I had originally done, was obviously trying to overcomplicate things., again!
Have a good weekend :001_smile: