Corporation Tax
tinajanine65
Registered Posts: 21 New contributor 🐸
Not a major issue I know, but I seem to recall being told that a corporation tax return used to be based on the amount of months in the year, say, a company with a year end of 31st May 2011 would have to complete a 2010 Return as it has 7 months in the 2010 year and five in the 2011 year?
Was this ever the case, or am I making this up??
I apologise for my stupidity, however I cannot get it out of my head!!
Was this ever the case, or am I making this up??
I apologise for my stupidity, however I cannot get it out of my head!!
0
Comments
-
A company with a year end of 31 May would complete one corporation tax return for the year ended 31 May, but, say they made a profit of £12000 in the year the tax calculation would be as such:
1 June 2010 - 31 March 2011 ie 10 months approtioned profit £10000 @ 21% = £2100
1 Apr 2011 - 31 May 2011 ie 2 months apportioned profit £2000 @ 20% = £400
Total tax due £2500
When you're talking about corporation tax rates they're usually referred to as the year from April in which the rate applies, ie when you see that the rate for 2011 is 20% this means that from April 2011 to March 2012 the rate will be 20%.
Hope this helps!
Jodie0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 318 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 87 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 273 Tax
- 135 Bookkeeping
- 7.2K General accounting discussion
- 200 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership