Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / Viva Ltd had the following results for the year ending 31 March 2019
Viva Ltd had the following results for the year ending 31 March 2019. Trading income Bank interest Capital gains Qualifying charitable donations Dividends received from UK companies £400,000 £2,000 £5,000 £ (2,000) £45,000 Required: Calculate the corporation tax liability for the year ended 31 March 2019. A. E 76.950 B. E19.950 C. £ 17.000 D.E 25.000
Tax Liability is calculated as below:
| Particulars | Amount (in GBP) |
| Trading Income | 400,000 |
| Bank Interest | 2,000 |
| Capital Gains | 5,000 |
| Less: Donations | (2,000) |
| Dividends (Exempt) | Nil |
| Taxable Income | 405,000 |
| Corporation Tax | 19% |
| Tax Liability | 76,950 |
The correct option is option A i.e. GBP 76,950.
