Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

it needs to be calculated using UK tax rate: 360,284 A company has the following results for the year to 31 March 2020: Adjusted trading

it needs to be calculated using UK tax rate:image text in transcribed

360,284 A company has the following results for the year to 31 March 2020: Adjusted trading profit, after deduction of capital allowances Bank deposit interest (a/c opened 1 July 2019): Received 31 December 2019 9,957 Accrued to 31 March 2020 3,000 Dividend received in January 2020 24,300 Chargeable gains 295,327 Gift Aid Donations: Paid 30 November 2019 30,000 Accrued to 31 March 2020 20,000 The company intend to make Gift Aid donations of 30,000 every six months, starting on 30 November 2019. (a) Compute the company's corporation tax liability for the year (b) How would the tax liability differ if the accounting period had been the year to 30 April 2020 and all of the dates given above had been on month later? 360,284 A company has the following results for the year to 31 March 2020: Adjusted trading profit, after deduction of capital allowances Bank deposit interest (a/c opened 1 July 2019): Received 31 December 2019 9,957 Accrued to 31 March 2020 3,000 Dividend received in January 2020 24,300 Chargeable gains 295,327 Gift Aid Donations: Paid 30 November 2019 30,000 Accrued to 31 March 2020 20,000 The company intend to make Gift Aid donations of 30,000 every six months, starting on 30 November 2019. (a) Compute the company's corporation tax liability for the year (b) How would the tax liability differ if the accounting period had been the year to 30 April 2020 and all of the dates given above had been on month later

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of External Auditing

Authors: Brenda Porter, David Hatherly, Jon Simon

3rd Edition

0470018259, 9780470018255

More Books

Students also viewed these Accounting questions

Question

Explain internal recruitment methods.

Answered: 1 week ago

Question

Summarize job analysis for team members.

Answered: 1 week ago

Question

Describe the recruitment process.

Answered: 1 week ago