This question has two separate part and each part should be answered Part a- Sail
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 380,000
Interest receivable 9,000
Property Income 12,000
Chargeable gains 21,000
Dividends received from non-subsidiary UK companies 50,000
Qualifying charitable donations 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)
Interest receivable 3,500
Chargeable gain 44,500
Notes
(1) Net loss is after charging: £
Entertaining customers 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
Trading profit 40,000
Interest receivable 2,000
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
I need the answer for part A please with an explanation
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