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

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.