FunkyClothing Ltd are a UK registered company who design and produce sustainable clothing for the fashion market. Their clothing sells both online and in high-street retail outlets.

The following information is available regarding the year ended 31 March 2020.

Shares and securities transactions

During the year FunkyClothing Ltd had the following acquisitions and disposals of shares:

28 October 2019 Acquired 4,000 shares at a cost of 6.25 each 30 October 2019 Acquired 3,000 shares at a cost of 6.50 each

30 October 2019 Disposed 12,000 shares for 174,000 (14.50 each) The following prior transactions are relevant:

As at 1 April 1985 - No. of shares 5,500; cost 7,500; indexed cost 9,500 10 December 1985 Acquired 1,000 shares at a cost of 2,500

30 August 1992 Acquired 3,000 shares at a cost of 8,000 1 May 2000 Acquired 800 shares at a cost of 5,000

The relevant retail prices index (RPIs) for the share holdings are:

April 1985	94.78
December 1985	96.05
August 1992	138.9
May 2000	170.7
December 2017	278.1

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Trading profits information

The accounting profits for the year ended 31 March 2020 are 1,950,000. The accounts include the following income and expenses:

Interest received	25,000
Dividends received	65,000
Interest paid on an overdraft on a business current account	5,000
Depreciation	10,000
Speeding fine	1,000
Parking ticket	300
Charitable donation	6,000
Entertainment	7,000

FunkyClothing Ltd has trading losses brought forward from earlier years of 25,000.

Capital Allowances Information

During the year FunkyClothing Ltd acquired and disposed of the following items:

01/05/2019	Equipment addition 300,000
10/06/2019	Equipment disposal 70,000; originally cost 60,000
20/06/2019	Equipment addition 200,000
30/08/2019	Equipment disposal 20,000; originally cost 50,000
02/10/2019	Plant & Machinery addition 180,000
20/11/2019	Plant & Machinery addition 120,000
31/12/2019	Equipment addition 250,000
31/01/2020	Equipment disposal 30,000; originally cost 100,000
02/02/2020	Plant & Machinery addition 150,000
20/03/2020	Plant & Machinery disposal 40,000; originally cost 25,000

Income from property information

FunkyClothing Ltd lets out two warehouses that are surplus to requirements. The first warehouse was let from 1 April 2019 until 28 February 2020 at a monthly rent of

3,500. On that date the tenant left, owing 2 months rent which FunkyClothing Ltd were not able to recover. Another tenant was not found until September 2020.

The second warehouse was let for the whole year at a rent of 5,500 per month. Insurance costs for the warehouses totalled 6,500. Interest paid on loans secured on the warehouses totalled 8,500.

During the year a surplus property was disposed of for 250,000. The incidental costs of disposal were 1,000, the original unindexed cost was 85,000, and the indexed cost was 125,000.

Required:

Calculate FunkyClothing Ltds Corporation Tax liability for the year.