Chapter 25 - Computation and payment of the corporation tax liability Flashcards
1
Q
Payment by instalments
A
Large company if it has augmented profits for the period which exceed £1,500,000. Augmented profits are total taxable profits plus dividends.
Not required to pay by instalments if:
it has profits of £10,000,000 or less for the accounting period and was not a large company in the 12 months preceding.
2. its tax liability for the period does not exceed £10,000
These limits are scaled down for accounting periods
2
Q
What is a very large company?
A
Augmented profits exceeding £20,000,000 per annum