Fair Tax Statement

This statement of Fair Tax compliance was compiled in partnership with the Fair Tax Foundation (“FTF”) and certifies that Revolver Co-operative Limited (“the Society”) meets the standards and requirements of the FTF’s UK Small Business Standard for the Fair Tax Mark certification.

Tax Information

The Society’s deficit before tax for the year ended 30 September 2022 was £1,752, while the actual current tax charge for the year was £Nil. The expected current tax charge for the year at the UK headline tax rate of 19.0% was £NIL. The tax reconciliation below, shows how these the accounting losses, have been impacted by tax adjustments, to then be carried forward as tax losses.

	2022 £
Deficit before tax	(1,752)
Expected corporation tax (19%)	(333)
1 Accelerated capital allowances	(1,064)
2 Super-deduction capital allowances	(378)
3 Losses carried forward	1,775
Actual current tax charge (0%)	-

 

As at 30 September 2022, the Society had no deferred tax assets or liabilities on its balance sheet; and had no movements in deferred tax expensed or credited to the Income and Expenditure Accounts.

 

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1 Accelerated capital allowances – the accounting treatment of fixed assets differs from the tax treatment. For accounting purposes, fixed assets are depreciated over their useful economic lives. For tax purposes, there are specific rules to what can, or should, be claimed. The differences between these treatments create a tax adjustment that will balance out over time.

2 Super-deduction capital allowances – from 1 April 2021 until 31 March 2023, UK companies investing in qualifying new plant and machinery assets were able to claim a 130% super-deduction capital allowance on qualifying plant assets. For qualifying new plant and machinery assets, the top 30% slice of the super-deduction allowance (i.e., the portion which exceeds the actual purchase cost of the qualifying asset) creates a permanent tax adjustment.

3 Losses carried forward – tax loss in the current year was carried forward to be relieved against any future profits. This is so that the correct amount of tax is applied to our overall historic profits generated, and not just for one particular accounting period. Once tax losses have all been used, tax then becomes chargeable on profits generated thereafter.

 

Revolver Co-operative Limited (2022/2023)

For more information visit Fair Tax