CT Assumed Knoweldge

Question 1

what are tax return deadline?

Answer 1

-12 months after the end of the period of account
- 3 months after issue of a notice to file a return

Question 2

how long do records need to be kept for companies\/

Answer 2

later of:
- 6 years after the end of accounting period
- when a compliance check has been completed
- no longer possible for a compliance check to be started

• find of £3k per period for failure to keep records.

Question 3

when is payment of tax?

Answer 3

• 9 months and 1 day after end of the accounting period
• quarterly instalments for large companies.

what are the instalment dates:
- 6 months and 14 days after the start of the accounting period
- 3 months and 14 days after the end of the accounting period
- and 3 month intervals in between where possible

Question 4

what are the rules for structure and building allowance?

Answer 4

available on:
- newly constructed non residential buildings and structures
- renovation/extension of existing buildings

non elegible costs:
- land, legal fees, stamp duty, repairs
- residential buildings

SBA= 3% p.a straight line basis. pro rata for year