Corporation tax

Rate of tax - Financial year 2019 19%

• Financial year 2018 19%
• Financial year 2017 19%

Profit threshold 1,500,000

For the year ended 31 March 2019, Bless Ltd had a taxable total profits of 820,000, and for the year ended 31 March 2020 had taxable total profits of 970,000. The profits accrue evenly throughout the year. Bless Ltd has had one 51% group company for many years 21. How will Bless Ltd pay its corporation tax liability for the year ended 31 March 2020? A Nine instalments of 17,311 and a balancing payment of 28,500 B Four instalments of 46,075 C Four instalments of 38,950 and a balancing payment of 28,500 D One payment of 184,300 For the year ended 31 December 2019, Early Ltd had a corporation tax liability of 60,000, which it did not pay until 31 March 2021. Early Ltd is not a large company. 22. How much interest will Early Ltd be charged by HM Revenue and Customs (HMRC) in respect of the late payment of its corporation tax liability for the year ended 31 December 2019? A 900 B 1,800 C 300 D 450