Page 80 - Beeks Financial Cloud Group Annual Report 2021

78 Beeks Financial Cloud Group PLC For the year ended 30 June 2021

Notes to the Consolidated Financial Statements

2021 %ETR 2020 %ETR
£000 movement £000 movement

Profit before tax 1,255 678
Profit on ordinary activities multiplied by
the standard rate of corporation 238 19% 129 19%
tax in the UK of 19% (2020: 19%)
Effects of:

Expenses not deductible for tax purposes (81) (6,45%) 33 4.87%
R&D tax credits relief (95) (7.57%) (72) (10.62%)
Income not taxable (377) (30.04%) (0.01) (0.00%)
Share option deduction 9 0.72% 59 8.70%
Prior year over-provision (32) (2.55%) - -
Prior year deferred tax adjustments (73) (5.82%) (49) (7.23%)
Adjustment for tax rate differences 58 4.62% - -
Foreign tax suffered 4 0.32% 2 0.29%
Other - - 1 0.15%

Total tax charge (349) (27.81%) 103 15.19%
The effective tax rate (‘ETR’) for the year was –27.81%, (2020: (15.2%)).

UK Foreign Total
unrelieved unrelieved unrelieved
trading trading trading Tax
losses losses losses effect
£000 £000 £000 £000

FINANCE
As at 1 July 2020 547 - 547 104
Recognised during the year 1,856 - 1,856 353
As at 30 June 2021 2,403 - 2,403 457