CT Flashcards
When must CT return be submitted (3)
latest of;
<18 months POA 12 months from end POA
>18 months POA submit 30 months after the start of the POA
3 months from the issue of notice to submit
When must a company pay its CT
9 months and 1 day
When is a company large
Agumented profits >1500000
Time apportioned
divided by the number of group companies (51%)
When does a large company need to pay their CT
14th of 7th 10th 13th and 16th Month
When does a large company not need to pay in installments
When CT owed <10,000
When it wasn’t large in the PY and Agumented profits are less than 10,000000 in the CY Limited divided by groups
For shorter POA when CT is owed in installments when do they need to pay CT
14th 7th month … every 3 months there after.
Last balanceing payment 4 months after end POA
When does interest on late instalments run from
When the instalment should have benn paid to when it was. Difference paid worked out after CT return submitted
What is a very large company and how do the pay for their CT
Agumented profits >20,000000
14th of 3rd 6th, 9th and 12th month.
No large if CT <10,000
No PY allowance
When does SSE apply
Substantial sharholding exemption
At least a 10% S/holding
Owned the shares for a 12month consec period within the last 6 years prior to disposal
What can non UK resident companies be subject to UK CT on
UK residential property (after 6th April 2015)
UK non residential property (after 6th April 2019)
Assets such as shares that derive at least 75% of their value from UK land and building.
Base cost is value at 2015/2019 dates or elect to actual cost
How do we work out the gain on UK residential property UK non residential property Asset where value derived from 75% When is the due
Base cost is at 15/19
Or can elect to use actual gain
For residential property the actual gain is timeapportioned to 2015
Due 30 days after completion
When is an asset a long life asset
UEL> 25 years
Cost more than 100,000
What is a depreciating asset
How is ROR applied to the depreciating asset
When till…
An asset with an expected life <60 years (fixed P&M, lease)
The gain is rolled over into the asset (not deducted from the cost)
Deferred untill the earliest of;
disposal
10 years from aquisition
date ceases to be used in trade
Can flow into another dep asset with in the 10 yr period.
How are taxable O/S dividends dealth with
Gross up for;
WHT
UT = Grossed up WHT/ retained profits x tax paid O/S
Include in O/S dividend column (WHT and UT)
When working out DTR
Lower of; * include the UT
