Corporation tax Merriman Ltd is a UK registered company that publishes poetry. The company has been trading for many years. A summary of Merriman Ltd's financial results for the accounting year ended 31 March 2022 is provided below. Profit from operations (see Trading Profits') Net dividend from unrelated UK company 917,500 18,000 Gross loan interest receivable (non-trading) 12,000 Gross debenture interest payable (non-trading) 10,000 Income from property letting activities 57,000 Expenses (all of which relate to property letting activities) 20,000 Trading profits Profit from operations includes the following items of income and expenditure: Depreciation 50,000 Losses from fraud committed by a company director 3,000 Audit and accountancy expenses 5,500 Overseas non-trading income 32,000 Legal expenses incurred due to a share issue 2,500 Expenditure on client entertainment 7,000 Chief executive's salary 90,000 Donation to a political party (non-trade related) 1,500 Non-trading gains on intangible NCAS 6,200 Write off of irrecoverable debt arising from loan to employee 500 Note: see 'Donations to charity'. Donations to charity Merriman Ltd made two donations to a registered UK charity of 1,000 each on 24 December 2021 and 15 May 2022, respectively. These donations were subtracted from revenue in the calculation of profit from operations. Capital allowances