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CIC and Prize money!

LynWestLynWest Well-KnownRegistered Posts: 122
i have just got a CIC client and they have given away £150 as a prize at one of their events. Is this tax deductable? I have a feeling everyone is going to tell me no, but i can't find an answer one way or another and i don't want to not allow it if they can claim it.

Also does anyone know if a director of a CIC can take a dividend like a normal director. I have looked into the accounts for this type of ompany and it seems that they just have to file paper accounts instead of online and they have to complete a special report to accompany the accounts but i cannot see anywhere about directors dividends.

Many thanks

Comments

  • RASRAS Well-Known Registered Posts: 124
    The CIC Regulator has a very good website with lots of information. Dividends are possible, but there are restrictions. Suggest have a good read from the website.
  • LynWestLynWest Well-Known Registered Posts: 122
    Thanks RAS
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