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Principles of Taxation > Chapter 11 - 5.1 - Steps to Calculate Corporation Tax Liability > Flashcards

Chapter 11 - 5.1 - Steps to Calculate Corporation Tax Liability Flashcards

1
Q

What is the first step?

A

Calculate TTP (taxable total profits)

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2
Q

What is the second step?

A

Calculate augmented profits

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3
Q

What is the third step?

A

Decide what rate to tax at

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4
Q

What is the fourth step?

A

Calculate TTP at this rate (NOT augmented profits!)

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5
Q

What is the rate of corporation tax determined by?

A
  • augmented profits for the company
  • the financial year (2023/2024)
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Principles of Taxation (165 decks)

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