Interest income - Company accrual

Company has invested £2m cash. held under 12 month Deposit plan.

Period of investment from 1 Jan 2011 until 31 December 2011.

Interest receivable during period will be £82,000.  Paperwork provides that interest will be paid under deduction of income tax.  Therefore £16,400 will be deducted and £65,600 was actually received Jan 2012.  (no idea why this has been set up like this)

Company accounting period for the period to 30 June 2011.

I would ordinarily bring in £42,000 as gross interest receivable (non trading, D111 credit).  What about the credit?  Can I take credit for income tax not yet suffered?  or do I need to wait until the period in which the company suffers the tax. 

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Accrue gross

Euan MacLennan |
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blok |
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invested..with whom?

kiwilondon99 |

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blok |
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