S Ltd prepares its accounts to 31 March. The company's results for the 12-month period ended...

 

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S Ltd prepares its accounts to 31 March. The company's results for the 12-month period ended 31 March 2021 are as follows: 1. The tax adjusted trading profit is £642,500. This figure is before taking account of capital allowances. 2. Until January 2021 the company has never been entitled to capital allowances as all assets were leased. On 15 January 2021 the company bought office equipment for £50,000, and a car with CO2 emissions of 102 grams per kilometre for £7,500. 3. There is a property business profit of £45,000 for the 12-month period ended 31 March 2021. 4. On 15 December 2020 the company disposed of some investments, and this resulted in a chargeable gain of £44,000. On 8 February 2021 the company made a further disposal and this resulted in a capital loss of £6,700. 5. Dividend income of £30,000 was received on 10 September 2020. 6. A qualifying charitable donation of £5,000 was made on 10 September 2020. As at 1 April 2020, S Ltd had unused trading losses of £330,000, and unused capital losses of £3,000. S Ltd will make a claim to relieve these losses as soon as possible where necessary. S Ltd has no related 51% group companies. Required: Calculate S Ltd's corporation tax liability in respect of the 12-month period ended 31 March 2021, and advise the company by when this should be paid. S Ltd prepares its accounts to 31 March. The company's results for the 12-month period ended 31 March 2021 are as follows: 1. The tax adjusted trading profit is £642,500. This figure is before taking account of capital allowances. 2. Until January 2021 the company has never been entitled to capital allowances as all assets were leased. On 15 January 2021 the company bought office equipment for £50,000, and a car with CO2 emissions of 102 grams per kilometre for £7,500. 3. There is a property business profit of £45,000 for the 12-month period ended 31 March 2021. 4. On 15 December 2020 the company disposed of some investments, and this resulted in a chargeable gain of £44,000. On 8 February 2021 the company made a further disposal and this resulted in a capital loss of £6,700. 5. Dividend income of £30,000 was received on 10 September 2020. 6. A qualifying charitable donation of £5,000 was made on 10 September 2020. As at 1 April 2020, S Ltd had unused trading losses of £330,000, and unused capital losses of £3,000. S Ltd will make a claim to relieve these losses as soon as possible where necessary. S Ltd has no related 51% group companies. Required: Calculate S Ltd's corporation tax liability in respect of the 12-month period ended 31 March 2021, and advise the company by when this should be paid. S Ltd prepares its accounts to 31 March. The company's results for the 12-month period ended 31 March 2021 are as follows: 1. The tax adjusted trading profit is £642,500. This figure is before taking account of capital allowances. 2. Until January 2021 the company has never been entitled to capital allowances as all assets were leased. On 15 January 2021 the company bought office equipment for £50,000, and a car with CO2 emissions of 102 grams per kilometre for £7,500. 3. There is a property business profit of £45,000 for the 12-month period ended 31 March 2021. 4. On 15 December 2020 the company disposed of some investments, and this resulted in a chargeable gain of £44,000. On 8 February 2021 the company made a further disposal and this resulted in a capital loss of £6,700. 5. Dividend income of £30,000 was received on 10 September 2020. 6. A qualifying charitable donation of £5,000 was made on 10 September 2020. As at 1 April 2020, S Ltd had unused trading losses of £330,000, and unused capital losses of £3,000. S Ltd will make a claim to relieve these losses as soon as possible where necessary. S Ltd has no related 51% group companies. Required: Calculate S Ltd's corporation tax liability in respect of the 12-month period ended 31 March 2021, and advise the company by when this should be paid. S Ltd prepares its accounts to 31 March. The company's results for the 12-month period ended 31 March 2021 are as follows: 1. The tax adjusted trading profit is £642,500. This figure is before taking account of capital allowances. 2. Until January 2021 the company has never been entitled to capital allowances as all assets were leased. On 15 January 2021 the company bought office equipment for £50,000, and a car with CO2 emissions of 102 grams per kilometre for £7,500. 3. There is a property business profit of £45,000 for the 12-month period ended 31 March 2021. 4. On 15 December 2020 the company disposed of some investments, and this resulted in a chargeable gain of £44,000. On 8 February 2021 the company made a further disposal and this resulted in a capital loss of £6,700. 5. Dividend income of £30,000 was received on 10 September 2020. 6. A qualifying charitable donation of £5,000 was made on 10 September 2020. As at 1 April 2020, S Ltd had unused trading losses of £330,000, and unused capital losses of £3,000. S Ltd will make a claim to relieve these losses as soon as possible where necessary. S Ltd has no related 51% group companies. Required: Calculate S Ltd's corporation tax liability in respect of the 12-month period ended 31 March 2021, and advise the company by when this should be paid.

Answer rating: 100% (QA)

S Ltd Tax Computations for the Year Ended 31 March 2021 Trading Profits Taxadjusted trading profit 6... View the full answer