[foundation-board] Fwd: Accounts - updated

[Martin Keegan]

On Tue, 22 Feb 2011, Rufus Pollock wrote:

[the text quoted below is from the accountants]

> As all of OKFN's profit for the year appears to be from non-trading
> activities you will not be subject to corporation tax on OKFN's profit. 
> This is on the assumption that the profits from the activities will be
> put to further the activities of OKFN in the future.  However, you
> should pay corporation tax on the bank interest received, even though
> this will only be a very small amount. 

This directly conflicts with my understanding, and with the information I
received when I checked this with a Mr Horne at the relevant HMRC office
(Ipswich).

I think we should provide for potentially unpaid corporation tax on the
operating surplus, i.e., GBP 2341 (GBP 11150 * 0.21).

Mk