Whats is chargeable accounting period?
A chargeable accounting period (CAP) is the period for which a charge to corporation tax is made. It is neverlonger than 12 months
When does a CAP start?
When a company starts to trade and when the previous AP ends
When does a CAP end?
Twelve months after the beginning of the accounting period•the end of the company’s period of account, and •the date the company begins or ceases to trade
Companies resident in the UK are chargeable to corporation tax on?
All profits (i.e. income and chargeable gains) wherever they arise (i.e. on worldwide income and gains)
What is the TTP?
All sources less QCDs i.e. Trading profits Interest property Misc Chargeable Gains
How are QCDs treated?
Allowable, paid gross