Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started