Taxation question ( please show all the workings ).PART- APART- B Question is attached as image This question has two separate part and each part should be answeredPart A - SailSail Ltd has the following results for the year ended 31 March 2020. It has one wholly ownedsubsidiary company.£Trading profitInterest receivableProperty IncomeChargeable gainsDividends received from non-subsidiary UK companiesQualifying charitable donations380,0009,00012,00021,00050,00022,000Calculate the amount of corporation tax payable by Sail Ltd for the year ended 31 March2020 and state giving reasons the due date for payment. Part B- SwishSwish Ltd has the following results for the year ended 31 March 2020.£Net loss per Accounts (Note (1))(116,500)3,50044,500Interest receivableChargeable gainNotes(1) Net loss is after charging:DepreciationEntertaining customers10,8001,200(2) All other expenses are allowable for corporation tax.(3) The written down value of plant and machinery on the main pool at 1 April 2019 was£20,000. There were no purchases or sales during the year ended 31 March 2020.(4) Swish Ltd has the following results for the previous year:31/3/1940,0002,000Trading profitInterest receivableChargeable gain42,000(a) Compute the trading loss for the year ended 31 March 2020.(b) Show how the trading loss is relieved assuming relief is taken as soon as possible

Tax is a charge or levy which is fixed by the state and central government of the county on the…

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Taxation question ( please show all the workings ). PART- A PART- B Question is attached as image

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Taxation question ( please show all the workings ).

PART- A

PART- B

Question is attached as image

This question has two separate part and each part should be answered
Part A - Sail
Sail Ltd has the following results for the year ended 31 March 2020. It has one wholly owned
subsidiary company.
£
Trading profit
Interest receivable
Property Income
Chargeable gains
Dividends received from non-subsidiary UK companies
Qualifying charitable donations
380,000
9,000
12,000
21,000
50,000
22,000
Calculate the amount of corporation tax payable by Sail Ltd for the year ended 31 March
2020 and state giving reasons the due date for payment.

Part B- Swish
Swish Ltd has the following results for the year ended 31 March 2020.
£
Net loss per Accounts (Note (1))
(116,500)
3,500
44,500
Interest receivable
Chargeable gain
Notes
(1) Net loss is after charging:
Depreciation
Entertaining customers
10,800
1,200
(2) All other expenses are allowable for corporation tax.
(3) The written down value of plant and machinery on the main pool at 1 April 2019 was
£20,000. There were no purchases or sales during the year ended 31 March 2020.
(4) Swish Ltd has the following results for the previous year:
31/3/19
40,000
2,000
Trading profit
Interest receivable
Chargeable gain
42,000
(a) Compute the trading loss for the year ended 31 March 2020.
(b) Show how the trading loss is relieved assuming relief is taken as soon as possible

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

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