Deals Ltd commenced to trade on 1st January 2020. It makes up its first set of accounts to the y/e 31 December 2020. Trading profits for the y/e 31 December 2020 amounted to 150,000. Deals Ltd hired four employees during the first year of trading. Total PRSI paid to its four employees equals 19,000 which is made up as follows;

Employee 1 2,000

Employee 2 3,000

Employee 3 6,000

Employee 4 8,000

Director 1 0 (Class S no employers PRSI)

Requirement:

Calculate the corporation tax liability for Deals Ltd for the tax year 2020, taking account of any tax reliefs that may be available to the company.