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  • Tax Memo - Corporation tax - General principles - Liability to tax - Accounting periods - 1150
    Tax is charged for an accounting period, although the rates and thresholds are set for financial years. In the normal course of events, a company's accounting period will be the same as the 12-month period for which it makes up its statutory accounts (the accounting reference date). Accounting periods run consecutively, and a new one starts as soon as the previous one ends. A financial year (FY) runs from 1 April through to 31 March and is denoted by the year in which it starts, for example, FY18 runs from...
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  • Tax Memo - Corporation tax - Chargeable gains - Particular situations - Liquidation - 9685
    When a company enters into liquidation it is, for chargeable gains purposes, a non-event. Although the assets become vested in the liquidator, there is no chargeable disposal. The actions of the liquidator are deemed to be the actions of the company, and any disposals during the liquidation are therefore taxed in accordance with the normal rules. - Where the company is a member of a 75% CG group of companies (¶13130), the liquidation does not affect that position, and therefore assets continue to be eligible...
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  • Tax Memo - Corporation tax - Computation - Calculation of the corporation tax liability - Calculating the tax - Accounting period coinciding with financial year - 11590
    Where the company's accounting period coincides with the FY (i.e. runs from 1 April through to 31 March) corporation tax is calculated simply by multiplying the taxable total profits by the appropriate rate of tax. A Ltd has taxable total profits of £59,000 for the year to 31 March 2018. The corporation tax due is therefore £11,210 (£59,000 × 19%).
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  • Tax Memo - Corporation tax - Administration - Notification - Notification by the company - 18050
    HMRC is notified by Companies House when a new company is formed and will usually send a form CT41G, which can be used by the company to notify coming within the charge. However, it is the company's responsibility to ensure that it gives notice to HMRC when it has come within the charge to corporation tax. It must do this within 3 months of the beginning of its first accounting period. The information does not have to be provided on a form CT41G and can be supplied in any other reasonable manner. If a dormant...
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  • Tax Memo - Corporation tax - Administration - Returns - Filing date - 18580
    The basic rule is that the filing date for a return is the later of: - 12 months from the end of the period to which the return relates; or - 3 months after the date the notice to file is received. A Ltd prepares accounts for the 12 months to 31 August 2017 and receives a notice to make a return for this period. The notice was issued on 22 September 2017, therefore the filing date is 31 August 2018. 1. As a general rule, 12 months from the end of the return period is taken to be the same day of the same month...
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