company tax return
meibaker
Registered Posts: 481 Dedicated contributor 🦉
i am trying to do one of the tax return exam 1 on osborne book. but i am bit confused on what to write on it.
capital loss brought forward of £38,000, disposal of the factory: capital loss £27,500, disposal on shares: capital gain £32,420, so on the tax return form ct600,page 2. box 16 gross chargeable gain:£4,920?? is that right?! box 17 allowable losses incl losses brought forward: £4,920 ? box 18 net chargeable gains : nil
am i right??please help
capital loss brought forward of £38,000, disposal of the factory: capital loss £27,500, disposal on shares: capital gain £32,420, so on the tax return form ct600,page 2. box 16 gross chargeable gain:£4,920?? is that right?! box 17 allowable losses incl losses brought forward: £4,920 ? box 18 net chargeable gains : nil
am i right??please help
0
Comments
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HI Meibaker are you doing the business tax full paper one0
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Right I have got it now, Box 16 should be NIL and Box 18 should be Nil as well and box 17 willhave nothing put in it
Task 2.3 is
Disposal of Factory 550,000
Less cost (500,000)
Less indexation allowance (50,000)
Gain Nil
(77,500 resricted to maximum of £50,000)
Not sure this is what you wanted but if so hope it helps
Denise0 -
yes, thanks denise!
but how did u get your indexation £50,000??0 -
£500,000 x 0.155 = 50,0000
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thanks, i got it now!0
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Glad to help0
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its worked out like this
Profits = £182,800 + (£18,000 x 100/90) = £202,800
The company will therfore pay corp tax at small companies rate:
PCTCT £182,800 x 21% = £38,388 Corp Tax0 -
hi, many thanks for your help!
regards may0
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