Corporation tax Flashcards
Corporation tax:
Paid by companies on their taxable total profits for an accounting period.
Accounting period:
Period for which a company’s taxable total profits are charged to corporation tax.
Period of account:
The period for which a company has prepared its accounts.
Qualifying charitable donation (QCD):
The amount paid by a company to a charity in the accounting period.
Taxable total profits (TTP):
The sum of a company’s income and gains less its qualifying donations paid for an accounting period.
Loan relationship:
A company has a loan relationship if it loans money as a creditor or is loaned money as a debtor.
Augmented profits:
Taxable total profits plus exempt ABGH distributions.
Exempt ABGH distributions:
Exempt dividends received from UK and overseas companies
Dormant company:
One which is not carrying on a trade or business.
