BTAX Business Taxation

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Presentation transcript:

BTAX Business Taxation Session 4: Corporation Tax Calculations

Process for calculation of Corporation Tax Step 1: Adjust trading profits to assessable (taxable) profits Step 2: Add together different sources of income to calculate Taxable Total Profits Step 3: Calculate CT liability Step 1, 3 & 4 in earlier weeks CT calculation

Taxable Total Profits Trading Profits - Loss relief b/f + Income from Property + Interest Income + Chargeable Gains = Total Profits - Loss relief - Gift aid = Taxable Total Profits (TTP) CT calculation

Taxable Total Profits How are dividends from UK resident companies treated? Example page 5.5 Basic company Students complete Page 5.1 as far as PCTCT CT calculation

Tax rate Tax rate in FY2016 is 20% Questions 4.1 CT calculation

Augmented Profit Not relevant to 2016/17

Straddling Years What happens when financial year end is not 31 March? Example Page 5.14: Alpha beta gamma delta CT calculation

Trading Losses 3 options: What are they? Page 5.16: Losses: Loser PLC CT calculation

Rental Losses How are these treated? Questions 4.3 Page 5.16: Losses: Loser PLC CT calculation

Payment of Corporation Tax When is this due? CT calculation

Payment of Corporation Tax CT calculation

Interest (late payment) What interest is charged/paid by HMRC? Students attempt 5.4 if time. CT calculation

Penalties Errors in returns: as personal tax Failure to keep records Late return: Question 4.5 Students attempt 5.4 if time. CT calculation

CT 600 Will be expected to complete in examination https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/420684/CT600_2015.pdf Hand out sample Walton Ltd CT calculation

CT 600 Deadline for adjustments = 4 years from end of tax year (Co. or HMRC) HMRC allowed 6 (20) years where there is careless behaviour (deliberate concealment) Hand out sample Walton Ltd CT calculation

Records Specifically include: Financial statements Tax working papers Tax return copies Purchase invoices Details of non-trade income Non-current asset schedules

Homework Tutorial book questions 5.2, 5.5, 5.3, 5.4, 5.1, 5.6 Make notes from chapter 5