Corporation Tax Flashcards
1
Q
What is the Basis of Assessment for Companies?
A
UK resident companies are assessed to corporation tax on TTP arising in an accounting period.
TTP = income (excl. Divs Recived) plus net Chargeable Gains less QCDs
2
Q
What is the Coporation Tax Proforma?
A
Trading Profits Interest Income Property Income Misc Income Net Chargeable Gains Total Profits Less: QCD TTP
CTP (19%)
Less: DTR
Corp Tax Payable
3
Q
Due Date for Small and Large Companies?
A
Small Companies - 9 mnths and 1 day
Large Comapnies - If Augmented PRofits are above £1.5m (TTP + Div R’ved from Non-Grp Companies = Aug Profits)
Quarterly Instalments (14th day of month 7,10,13,16)
