18 Introduction to corporation tax Flashcards
1
Q
Whats is chargeable accounting period?
A
A chargeable accounting period (CAP) is the period for which a charge to corporation tax is made. It is neverlonger than 12 months
2
Q
When does a CAP start?
A
When a company starts to trade and when the previous AP ends
3
Q
When does a CAP end?
A
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
4
Q
Companies resident in the UK are chargeable to corporation tax on?
A
All profits (i.e. income and chargeable gains) wherever they arise (i.e. on worldwide income and gains)
5
Q
What is the TTP?
A
All sources less QCDs i.e. Trading profits Interest property Misc Chargeable Gains
6
Q
How are QCDs treated?
A
Allowable, paid gross
