Module 19: Current Tax Flashcards
1
Q
Corporation tax %
A
19%
2
Q
Large companies tax payments
A
Quarterly
3
Q
Large companies tax payments date
A
14th Month 7/ 10/ 13/ 16
4
Q
Months 7 and 10 paid
A
In current year
5
Q
Months 13 and 16
A
Paid in next financial year
6
Q
Corporation tax liability at year end is
A
Estimated
7
Q
Carry back of tax loss double entry
A
DR Other receivables
CR SPL - Taxation
8
Q
Income tax withheld
A
When company pays bond interest/ royalties etc, must deduct income tax at source
9
Q
Double entry for interest paid
A
DR SPL - Finance Costs
CR Bank
CR Other payables
10
Q
Double entry for income tax paid
A
DR Other payables
CR Bank
