CT Flashcards
(38 cards)
administration of return for LPOA
2 returns will be needed
if less than 18months- due 12 months from end of period of account
if poa longer than 18 months- deadline is 30 months from start of poa
penalty if tax return late 3 times in a row
increases from 100 to 500
when is a company not large (even if it reached aug prof limits)
it has a tax laibility of less than 10,000 if it was not large in last 12 months and has augmented profits of less than 10 mill in current acocunting period
formula for ct if in instalments
3 x ct/n
for very large companies….
payments due 4 months earlier than for large companies
a company will not be very large if…
it has a tax laibility of less than 10,000
a substantial shareholding (for exemption purposes) is…
holding of at least 10% of the ord share capital (and entitled to at least 10% of the dp and assets when winding up)- for a continuous period of 12 months during the 6 yrs preceding disposal
disposal of uk property by non uk resident companies?
if gain arises after 5th april 2019, chargeable on non residential property or assets derviing 75% of their value from uk property. tax due on these gains due wihtin 30 days from completion of disposla
are property allowance and cash basis available for companies
no
when might a pension contribtion be disallowable?
if v high and a controlling director etc
subcontracted r and d expenditure
65%
if provider is connected company?
max qual exp is the providers relevant expenditure in providing the staff
what is an sme?
fewer than 500 employees
and either
annual turnover not more than 100mill euroes
annual balance sheet not more than 86 million euros
r and d for large companies
13%
increase ttp
reduce tax liability
current year loss relief?
set against tp of accounting period (before qd)- all or nothing
current year followed by carry back?
same as current year but just carry back to previous year
carry forward
carry forward against total profits of following periods- do not need to use full amount =ASSUME RESTRICTED TO PRESERVE QD
when does claim for current year and previous year need to be made by?
within 2 years of the end of the ap in which the loss was made
what is the restriction on c/f losses?
profits which can be used to relieve it are limited to 5 mill per 12 month period and 50% of the excess over this amount
terminal loss relief?
available where a loss is incurred in the 12 months before the trade ceases - carried back against tp for previous 36 months (measured from the start of the CAP) on a lifo basis.
ntlr defecit relieved in current year before…
basically any other losses and qcds
CAN BE RESTRICED
ntlr defecit c/f
loss set off against total profs of future accounting periods
CAN BE RESTRICTED
claims to use ntlr defecits - cy of cb
2 years from end of accounting period which loss is made
claims to use ntlr defecitrs- cfwd
2 years from end of accounting period in which it is relieved
