A company has the following results for the 14 months to 31 December 2020: Adjusted trading profit,
Question:
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 16,586
Disposal 6 October 2020 21,692
Building society interest:
Received 31 December 2019 3,500
Received 31 December 2020 4,000
UK dividend received on 25 November 2020 5,150
Accrued building society interest was £2,000 on 31 October 2019, £4,000 on 31 October 2020, and £1,000 on 31 December 2020.
Required
(a) Compute the company’s total corporation tax liability for the 14-month period.
(b) State the due date of the payment for all the relevant accounting periods (You should assume this company was large in the previous accounting period)
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson