Principles of Corporation Tax Flashcards
1
Q
How can a company be recognised?
A
Ltd (Limited) or plc (Public Limited Company).
2
Q
Do Sole Traders and Partnerships pay corporation tax?
A
No
3
Q
What is Corporation tax computation?
A
Calculation of incomes and gains.
4
Q
What is the chargeable accounting period (CAP)?
A
Period for which tax is calculated.
5
Q
What is the maximum length of time for a CAP?
A
12 Months
6
Q
What happens if the accounts are > 12 months?
A
CAP is split into 2 periods, first 12 months and the balancing months.
