18 Introduction to corporation tax Flashcards Preview

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Flashcards in 18 Introduction to corporation tax Deck (6)
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1
Q

Whats is chargeable accounting period?

A

A chargeable accounting period (CAP) is the period for which a charge to corporation tax is made. It is neverlonger than 12 months

2
Q

When does a CAP start?

A

When a company starts to trade and when the previous AP ends

3
Q

When does a CAP end?

A

Twelve months after the beginning of the accounting period•the end of the company’s period of account, and •the date the company begins or ceases to trade

4
Q

Companies resident in the UK are chargeable to corporation tax on?

A

All profits (i.e. income and chargeable gains) wherever they arise (i.e. on worldwide income and gains)

5
Q

What is the TTP?

A
All sources less QCDs
i.e. Trading profits
Interest
property 
Misc
Chargeable Gains
6
Q

How are QCDs treated?

A

Allowable, paid gross