CT

Question 1

administration of return for LPOA

Answer 1

2 returns will be needed
if less than 18months- due 12 months from end of period of account
if poa longer than 18 months- deadline is 30 months from start of poa

Question 2

penalty if tax return late 3 times in a row

Answer 2

increases from 100 to 500

Question 3

when is a company not large (even if it reached aug prof limits)

Answer 3

it has a tax laibility of less than 10,000 if it was not large in last 12 months and has augmented profits of less than 10 mill in current acocunting period

Question 4

formula for ct if in instalments

Answer 4

3 x ct/n

Question 5

for very large companies….

Answer 5

payments due 4 months earlier than for large companies

Question 6

a company will not be very large if…

Answer 6

it has a tax laibility of less than 10,000

Question 7

a substantial shareholding (for exemption purposes) is…

Answer 7

holding of at least 10% of the ord share capital (and entitled to at least 10% of the dp and assets when winding up)- for a continuous period of 12 months during the 6 yrs preceding disposal

Question 8

disposal of uk property by non uk resident companies?

Answer 8

if gain arises after 5th april 2019, chargeable on non residential property or assets derviing 75% of their value from uk property. tax due on these gains due wihtin 30 days from completion of disposla

Question 9

are property allowance and cash basis available for companies

Answer 9

no

Question 10

when might a pension contribtion be disallowable?

Answer 10

if v high and a controlling director etc

Question 11

subcontracted r and d expenditure

Answer 11

65%

Question 12

if provider is connected company?

Answer 12

max qual exp is the providers relevant expenditure in providing the staff

Question 13

what is an sme?

Answer 13

fewer than 500 employees
and either
annual turnover not more than 100mill euroes
annual balance sheet not more than 86 million euros

Question 14

r and d for large companies

Answer 14

13%
increase ttp
reduce tax liability

Question 15

current year loss relief?

Answer 15

set against tp of accounting period (before qd)- all or nothing

Question 16

current year followed by carry back?

Answer 16

same as current year but just carry back to previous year

Question 17

carry forward

Answer 17

carry forward against total profits of following periods- do not need to use full amount =ASSUME RESTRICTED TO PRESERVE QD

Question 18

when does claim for current year and previous year need to be made by?

Answer 18

within 2 years of the end of the ap in which the loss was made

Question 19

what is the restriction on c/f losses?

Answer 19

profits which can be used to relieve it are limited to 5 mill per 12 month period and 50% of the excess over this amount

Question 20

terminal loss relief?

Answer 20

available where a loss is incurred in the 12 months before the trade ceases - carried back against tp for previous 36 months (measured from the start of the CAP) on a lifo basis.

Question 21

ntlr defecit relieved in current year before…

Answer 21

basically any other losses and qcds

CAN BE RESTRICED

Question 22

ntlr defecit c/f

Answer 22

loss set off against total profs of future accounting periods
CAN BE RESTRICTED

Question 23

claims to use ntlr defecits - cy of cb

Answer 23

2 years from end of accounting period which loss is made

Question 24

claims to use ntlr defecitrs- cfwd

Answer 24

2 years from end of accounting period in which it is relieved

Question 25

what is the priority of loss relief claims in the current period?

Answer 25

• ntlr
• prop business
• trading

Question 26

group for group loss relief?

Answer 26

75%

Question 27

what are available profits for gr purposes?

Answer 27

ttp deducting everything apart from trading losses and ntlr df’s carried back

Question 28

what can be surrendered without using against own profits first?

Answer 28

trading losses and ntlr defecit

Question 29

can share carried forward losses if…

Answer 29

the company giving it has not profit of its own to set against and if the company receiving has no cfwd losses of it’s own unrelieved
limited to 50% of total profits after dealing with deductions allowance

Question 30

time limit for group relief claims?

Answer 30

2 yeas from the end of the claimant companys profit making period

Question 31

chargebale gains groups

Answer 31

51% companies

Question 32

intra group transfers of assets?

Answer 32

nil gain and nil loss

Question 33

when must election for goup relief of chargebale gain be made?

Answer 33

within 2 years of end of accounting period in which the disposal was made

Question 34

when is a degrouping charge relevant?

Answer 34

company ceases to be part of group within 6 years of nil gain, nil loss transfer
still owns asset
or still owns assset which gain on first asset has been rolled over

Question 35

what is degrouping charge added to

Answer 35

consideration that selling company recieved when sellig= increasing their gain

Question 36

when is a degrouping charge exempt

Answer 36

sse

Question 37

a group for AIA purposes (that woul have to share AIA) …

Answer 37

company with a majority shareholding in another company/companies at end of accoutning period
NOT if owned by individuals
group can allocate aia in most beneficial manner

Question 38

to share sse with group member…

Answer 38

must be a 51% company