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TAXATION

12 Months Ended

Mar. 31, 2022

8.	TAXATION

SCHEDULE OF TAX CREDIT PERIOD

	2022 $			2021 $			2020 $
	Year ended March 31,
	2022 $			2021 $			2020 $
Group
Current year tax (credit)		(509,282	)		(24,952	)		-
Adjustments in respect of prior periods		(277,239	)		(42	)		(76,289	)

Deferred tax
Origination and reversal of timing differences		-			-			-

Total tax (credit) for the period		(786,521	)		(24,994	)		(76,289	)

The tax charge for the year is different from the standard rate of corporation tax in the United Kingdom of 19%. The difference can be reconciled as follows:

Loss before taxation		(6,045,372	)		(3,378,501	)		(1,620,347	)
Loss charged at standard rate of corporation tax 19%		(1,181,337	)		(641,915	)		(307,866	)
Tax losses arising in the year not recognized		524,870			660,594			340,114
Tax losses surrendered for Research and Development		667,335			-			-
Expenses not deductible for taxation		370,306			-			145
Tax increase from effect of capital allowances and depreciation		(3	)		(334	)		81
Research and Development tax claim		(509,282	)		(43,432	)		-
Research and Development enhanced expenditure		(377,187	)		-			-
Research and Development tax credits claimed in respect of previous periods		(277,240	)		(42	)		(76,289	)
Consolidation adjustment in relation to foreign exchange movements		(3,983	)		135			(32,504	)
Loans written off		-			-			-
Total tax (credit) for the period		(786,521	)		(24,994	)		(76,289	)

No deferred tax asset has been recognized in respect of trading losses carried forward because of uncertainty as to when these losses will be recoverable.

The Group has tax losses of $15,870,525 (2021: $9,411,521, 2020: $4,421,886) to carry forward for use against future profits.