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

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2
Q

What is a very large company?

A

Augmented profits exceeding £20,000,000 per annum

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