ABCD plc paid instalments of its corporation tax liability for the year ended 31 March 2017 as follows: a. 14 October 2016 £43,000 b. 14 February 2017 £72,000 c. 14 April 2017 £48,000 d. 14 August 2017 £87,000 The agreed corporation tax liability for the year was £294,000. ABCD plc paid the balance of £44,000 on 14/9/17. Required: State the amounts and periods for which interest will be du

ABCD plc paid instalments of its corporation tax liability for the year ended 31 March 2017 as follows: a. 14 October 2016 £43,000 b. 14 February 2017 £72,000 c. 14 April 2017 £48,000 d. 14 August 2017 £87,000 The agreed corporation tax liability for the year was £294,000. ABCD plc paid the balance of £44,000 on 14/9/17. Required: State the amounts and periods for which interest will be du

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 26CE

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Penguins Ltd had tax adjusted trading profits of £133,000 for the period ended 31 March 2021. Qualifying charitable donations of £8,000 were made on 1 January 2021. Corporate chargeable gains (net of allowable losses) for the period ended 31 March 2021 were £82,000. What is Penguins Ltd’s corporation tax liability for the period ended 31 March 2021? A. £42,370 B. £25,270 C. £40,850 D. £39,330
1. During the year ended 31/12/2013, A Ltd had estimated the corporation tax for the year to be £100,000. The amount was still outstanding as at 31/12/13. During the year ended 2014, on 30th June the actual amount payable was agreed with the tax authorities and eventually paid. Meanwhile during the year 2014 the company paid additional investment taxes of £80,000. As at the end of the year the company estimated that the payable for year 2014 will be £120,000. Required: Compare the income tax expense and the balance sheet liability for the year 2014 assuming that: The actual tax paid for the year 2013 was £90,000. The actual tax paid for the year 2013 was £110,000.
A company prepares its accounts for the year ended 31 March each year and is a ‘large’ company for corporation tax instalments purposes. During the year ended 31 March 2020 it paid tax of £5,600,000. It bases the year ended 31 March 2021 instalment payments on this amount and pays the instalments due on time. In early August 2021 it finalised its corporation tax calculation for the year ended 31 March 2021 at £6,400,000 and settled any remaining corporation tax liability on 14 August 2021. Required – Part C Calculate the following: The instalments originally calculated as due for the year ended 31 March 2021 and the due dates for payment. The revised instalments for the year following August 2021 finalisation. The position with interest payments and the amount due (assume an interest on overdue tax rate on underpaid instalments of 1.1% - calculate on a monthly basis). The instalments that the company will initially pay for the year ended 31 March 2022 and the due dates for payment.
ABCD Ltd had the following results for the year ending 31 March 2019:Trading income 369,000; Bank interest 10,000; Capital gains 9,500; Qualifying charitable donations (7,800); Dividends received from UK companies 41,000.Required: Calculate the ABCD’s tax liability for the year ended 31 March 2019.
5. XYZ Pty Ltd had the following transactions relevant to its franking account during the year ended 30 June 2021. It pays tax at the rate of 30%. On the 1st July 2020 its franking account balance was $10,000 On 10 July 2020 it paid a dividend of $50,000 franked to 70% to its shareholders On the 30th July it paid Company Income Tax of $60,000. On 1 August 2020 it paid a dividend of $50,000 franked to 50% to its shareholders. Then on 1 March 2021 it paid a dividend of $30,000 franked to 90% to its shareholders. Required: Only advise on the consequences for XYZ Pty Limited NOT its shareholders.
During the year ended 30 June 2015 Barry Ltd, pays quarterly tax installments as follows: $4000 on 28 October 2014 $11 000 on 28 February 2015 $12 000 on 28 April 2015 On 30 June 2015, Barry Ltd determines its total current tax liability for the year to be $33 000. The final tax installment for the year will be: Question 15Answer a. a payment of $12 000 b. a payment of $6000 c. a refund of $2000 d. a payment of $33 000
This is under Singapore Tax Laws. For the year ended 30 September 2020, Maximus Pte Ltd’s trading profit was $200,000. The company also derived other income, details of which are provided below: Interest income of $7,600 credited to the income statement arising from $300,000 fixed deposit placed with HSBC since 1 July 2019, renewable every 6 months. The following interest matured during the respective periods: - $4,000 matured on 31 December 2019 - $3,800 matured on 30 June 2020 - $3,600 matured on 31 December 2020 The amount of interest income accrued as at 30 September 2020 was $1,800. Calculate the company’s statutory income for Year of Assessment 2021. Why is the interest income of 7,600 not included in the statutory income?
Garon Company disclosed the following liability account balances on December 31, 2016: Accounts payable 1,900,000.00 3,400,000.00 Bonds payable Premium on bonds payable 200,000.00 Deferred tax payable 400,000.00 Dividends payable 500,000.00 Income tax payable 800,000.00 Notes payable, due January 31, 2017 700,000.00 The deferred tax liability is based on temporary differences that will reverse in 2016. On December 31, 2016, what total amount should be reported as current liability? 7,100,000 3,900,000 4,300,000 4,100,000
On 1 July 2017, Bright Star Ltd was incorporated. The accounting profit and other relevant information of Bright Star for the two years to 2019 are as follows: Data provided in the image. RequiredCalculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019. b) Prepare the required tax journal entries for each year.
XYZ Company reported the following pretax income (loss) and related tax rates during the years 2016-2021. Year Pretax Income (loss) Таx rate 2016 $75,000 30% 2017 150,000 30% 2018 240,000 40% 2019 (540,000) 48% 2020 210,000 40% 2021 300,000 42% a. Prepare the journal entries for the years 2019 and 2020 to record income taxes and the tax effects of the loss. Assume that XYZ elects the carryback provision where possible and it is probable that it will realize benefits of any loss carryforward. b. Prepare the portion of the income statement that presents your answer in part (a) for the year ended 2019.
Dan plc is preparing its financial statements for the year ended 31 December 20X7. Its initial trial balances show the following balance: Income tax payable on 1 January 20X7 Income tax paid M 337,850 £ 351,083 The income tax paid during the year ended 31 December 20X7 completely settles the 20X6 liability. The total estimated tax due on the profits for the year ended 31 December 20X7 is 402,917 Dan plc should record the following journal at 31 December 20X7 A. Debit Income tax expense £389,684; Credit Income tax payable £51,834, Credit Income tax paid £337,050 B. Debit Income tax expense £389,684, Credit Income tax payable £65,067, Credit Income tax paid £324,617 C. Debit Income tax expense £402,917, Credit Income tax payable £65,067, Credit Income tax paid £337,850 D. Debit Income tax expense £402,917, Credit Income tax payable £51,834; Credit Income tax paid £351,083
A company's trial balance at 31 December 2021 shows a debit balance of GHS700,000 on current tax and a credit balance of GHS8,400,000 on deferred The directors have estimated the provision for income tax for the year at GHS4.5m and the required deferred tax provision is GHS5.6m, GHS1.2m of which relates to a property revaluation. What is the profit or loss income tax charge for the year ended 31 December 2021?