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For the year ended 31 March 2019, Bless Ltd had a taxable total profits of £820,000, and for the year ended 31 March 2020 had taxable total profits of £970,000
For the year ended 31 March 2019, Bless Ltd had a taxable total profits of £820,000, and for the year ended 31 March 2020 had taxable total profits of £970,000. The profits accrue evenly throughout the year. Bless Ltd has had one 51% group company for many years 21. How will Bless Ltd pay its corporation tax liability for the year ended 31 March 2020? A Nine instalments of £17,311 and a balancing payment of £28,500 B Four instalments of £46,075 C Four instalments of £38,950 and a balancing payment of £28,500 D One payment of £184,300 For the year ended 31 December 2019, Early Ltd had a corporation tax liability of £60,000, which it did not pay until 31 March 2021. Early Ltd is not a large company. 22. How much interest will Early Ltd be charged by HM Revenue and Customs (HMRC) in respect of the late payment of its corporation tax liability for the year ended 31 December 2019? A £900 B £1,800 C £300 D £450
Expert Solution
Upper Relevant Maximum Amount (URMA) as per the given data set = £1,500,000 ÷ 2 = £7,50,000
We are dividing the threshold limit by 2 because the company has one 51% group company.
The profit as per data is more than the URMA for both the previous period hence the company is liable to pay tax in quarterly installments.
Option B : 4 Equal installments of £46,075.
2.
Option B : £1,800
£60,000 @ 3% = £1,800
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