Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 3 : A company has the following results for the 14 months to 31 December 2020: Adjusted trading profit, before deduction of capital allowances

image text in transcribed

Question 3 : A company has the following results for the 14 months to 31 December 2020: Adjusted trading profit, before deduction of capital allowances 1,413,510 Capital allowances claimed: Year to 31 October 2020 222,650 2 months to 31 Dec 2020 37,210 Capital gains: Disposal 12 May 2020 15,586 Disposal 6 October 2020 22,692 Building society interest: Received 31 December 2019 3,500 Received 31 December 2020 4,000 UK dividend received on 25 November 2020 7,150 Accrued building society interest was 2,000 on 31 October 2019, 4,000 on 31 October 2020 and 2,000 on 31 December 2020. Required (a) Compute the company's total corporation tax liability for the 14-month period. (19 marks) (b) State the due date of the payment for all the relevant accounting period(You should assume this company was large in the previous accounting period) (6 marks)

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_2

Step: 3

blur-text-image_3

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

Rigos Primer Series CPA Exam Review Financial Accounting Questions And Answers

Authors: Mr. James J. Rigos

2020 Edition

979-8642293720

More Books

Students also viewed these Accounting questions

Question

Hi, what is the difference between partnership and corporation?

Answered: 1 week ago

Question

3. How has e-commerce transformed marketing?

Answered: 1 week ago