A company which began trading on 1 April 2018 has no other income apart from its trading
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A company which began trading on 1 April 2018 has no other income apart from its trading profits. Results for the first three accounting periods were as follows:
All possible claims were made to set the trading loss of £290,000 against the company's total profits. All corporation tax was originally paid on the due date and the necessary repayment of corporation tax is made on 1 August 2021.
Calculate the amount of the repayment and the interest which will accompany this repayment, assuming an interest rate of 0.5% per annum.
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Trading profits/(losses) y/e 31/3/2019 180,000 6 months to 30/9/2019 120,000 y/e 30/9/2020 (290,000)
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The trading loss is relieved first against the total profit of the six months to 30 September 2019 g...View the full answer
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