2017 Results and Tax

We have been successfully accredited for the Fair Tax Mark for this financial year.

The logo of the Fair Tax Mark

On this page we'll detail our financial and company information for the year, for full transparency.

Our first financial year was 15 months long, as we had 3 months of setup and 12 trading months.

Forecast

In June 2016, our forecast for the year was:

• Turnover: £312,000

• Profit/loss before tax: -£42,120

Final results

The final results for the year ending 30 Sept 2017 were:

• Turnover: £365,425

• Profit/loss before tax: -£9,384

• Profit/loss after tax: +£3,045 (see note about corporation tax and R&D tax credits below)

So we did better than forecast.

Payments to Directors

The director of the company was paid £62,885 over the 15 months of the trading year (~£50k p.a. pro rated).

Taxation

Corporation tax

The company made a small loss before tax in its first year, and so the headline Corporation Tax rate for the period was 0%.

The Corporation Tax incurred by the company in this financial year was therefore calculated as:

Research and development tax credit receivable	£12,619
Deferred taxation	(£190)
Taxation on loss on normal activities - P&L account	£12,429

The deferred taxation has arisen due to a timing difference in the purchase of fixed assets, where the tax relief has been claimed in full in the year of purchase and not when depreciation has been charged to the profit and loss account. The depreciation policy is 20% straight line.

PAYE / NIC

The company and our team paid £95,776.12 of PAYE/NIC to HMRC in this 15-month financial year.

VAT

The company raised £42,749 of VAT on behalf of HMRC in this financial year. A substantial amount of work in our first year was for clients in the USA, so no VAT was chargeable.

Therefore, the overall contribution in UK taxes generated as a result of our business activities was £126,096.12.

Annual accounts for year end Sept 2017

Our full accounts are available to view here:

Note that we have updated our accounts since they were first published, in order to provide more details of our tax reconciliation calculations for extra transparency. We've also submitted the amended accounts to Companies House. No financial details were changed.