Week 1

Question 1

Outline of CT computation

Answer 1

Trading income + income from investments + chargeable gains= TTP

Question 2

Companies online submission & final payment

Answer 2

Online submission: 12months after end of period
Final payment: 9months+1day after end of period

Question 3

Individuals: online submission, paper submission and final payment

Answer 3

Online submission: 31st Jan following tax year
Paper submission: 31st Oct following tax year
Final payment: 31st Jan following tax year

Question 4

Corporation Tax (CT) year

Answer 4

1/4-31/3

Question 5

Income Tax (IT) year

Answer 5

6/4-5/4

Question 6

National Insurance Charge

Answer 6

Class 2- £3.45 per week
Class 4- 9% £12,570-£50,270
2% >£50,270

Question 7

Add back: disallowed expenses

Answer 7

-Depreciation
-Gifts to customers ( not if it’s under £50 or has company logo)
-Entertaining customers or suppliers
-Increase in general bad debt provision
-Loss on disposal
-Capital expenditure
-Charitable payments

Question 8

Less: Non-Trading Income

Answer 8

-Profit on sale of NCA/Building
-Property/Rental Income
-Interest received
-Dividend received