Obi Ltd made a trading profit of £739,000 for the nine month period ended 30 September 2021. On 1 February 2021, Obi Ltd sold a warehouse. This resulted in a chargeable gain of £120,000. On 1 August 2021, Obi Ltd made a qualifying charitable donation of £5,000. Obi Ltd has a capital loss brought forward from the year ended 31 December 2020 of £20,000. What is Obi Ltd's corporation tax liability for the nine month period ended 30 September 2021? £118,845 £158,460 £162,260 £159,410
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- Penguins Ltd had tax adjusted trading profits of £133,000 for the period ended 31 March 2021. Qualifying charitable donations of £8,000 were made on 1 January 2021. Corporate chargeable gains (net of allowable losses) for the period ended 31 March 2021 were £82,000. What is Penguins Ltd’s corporation tax liability for the period ended 31 March 2021? A. £42,370 B. £25,270 C. £40,850 D. £39,330Flat Wall Ltd has the following results for the year ended 31 December 2021 £ Trading profits 13,300 Property business income 4,600 Interest receivable 2,500 Qualifying charitable donations (1,000) The company also has the following brought forward losses: £ 20,400 Trading losses Flat Wall Ltd always utilises its tax losses in the most efficient way possible. Match the date by which Flat Wall Ltd must make a claim to offset its brought forward trading losses in the year ended 31 December 2021 and the amount of unrelieved trading losse which will be carried forward to the year ended 31 December 2022. Dates Date by which loss relief claim must be made Trading losses carried forward 31 December 2022 Date Amount carried forward 31 December 2023 Trading losses £0 £1,000ABCD plc paid instalments of its corporation tax liability for the year ended 31 March 2017 as follows:a. 14 October 2016 £43,000b. 14 February 2017 £72,000c. 14 April 2017 £48,000d. 14 August 2017 £87,000The agreed corporation tax liability for the year was £294,000. ABCD plc paid the balance of £44,000 on 14/9/17.Required: State the amounts and periods for which interest will be due
- DIMAG Ltd has no associated companies. In the year ended 31 March 2025 DIMAG Ltd expects taxable total profits of £275,000 and is expected to receive the same amount of dividends as in the year ended 31 March 2024. Required: Present the taxable total profits, exempt distributions and augmented profits and state the first date by which any corporation tax should be paid in relation to the year ended 31 March 2025This is under Singapore Tax Laws. For the year ended 30 September 2020, Maximus Pte Ltd’s trading profit was $200,000. The company also derived other income, details of which are provided below: Interest income of $7,600 credited to the income statement arising from $300,000 fixed deposit placed with HSBC since 1 July 2019, renewable every 6 months. The following interest matured during the respective periods: - $4,000 matured on 31 December 2019 - $3,800 matured on 30 June 2020 - $3,600 matured on 31 December 2020 The amount of interest income accrued as at 30 September 2020 was $1,800. Calculate the company’s statutory income for Year of Assessment 2021. Why is the interest income of 7,600 not included in the statutory income?ABCD Ltd had the following results for the year ending 31 March 2019:Trading income 369,000; Bank interest 10,000; Capital gains 9,500; Qualifying charitable donations (7,800); Dividends received from UK companies 41,000.Required: Calculate the ABCD’s tax liability for the year ended 31 March 2019.
- On 30 June 2022, ABM Ltd (an Australian resident company) recorded sales income of $40,000 and had allowable deductions of $36,000. It also received a dividend of $20,000 that was franked to 80%. Required: Calculate ABM Ltd's tax payable or refundable. Show all calculations.A company prepares its accounts for the year ended 31 March each year and is a ‘large’ company for corporation tax instalments purposes. During the year ended 31 March 2020 it paid tax of £5,600,000. It bases the year ended 31 March 2021 instalment payments on this amount and pays the instalments due on time. In early August 2021 it finalised its corporation tax calculation for the year ended 31 March 2021 at £6,400,000 and settled any remaining corporation tax liability on 14 August 2021. Required – Part C Calculate the following: The instalments originally calculated as due for the year ended 31 March 2021 and the due dates for payment. The revised instalments for the year following August 2021 finalisation. The position with interest payments and the amount due (assume an interest on overdue tax rate on underpaid instalments of 1.1% - calculate on a monthly basis). The instalments that the company will initially pay for the year ended 31 March 2022 and the due dates for payment.Abel (Pty) Ltd is a resident company with one shareholder, Mr Dlamini (33 years old). Abel (Pty) Ltd had a profit before tax of R1 000 000 for the financial year ended 28 February 2019. You may assume that the company’s taxable income equals its accounting profit before tax. Abel (Pty) Ltd distributed all the available profit after tax to Mr Dlamini on 28 February 2019. Calculate the tax payable by both Abel (Pty) Ltd and Mr Dlamini in respect of Abel (Pty) Ltd’s profits and the distribution thereof for the 2019 year of assessment.
- 5. XYZ Pty Ltd had the following transactions relevant to its franking account during the year ended 30 June 2021. It pays tax at the rate of 30%. On the 1st July 2020 its franking account balance was $10,000 On 10 July 2020 it paid a dividend of $50,000 franked to 70% to its shareholders On the 30th July it paid Company Income Tax of $60,000. On 1 August 2020 it paid a dividend of $50,000 franked to 50% to its shareholders. Then on 1 March 2021 it paid a dividend of $30,000 franked to 90% to its shareholders. Required: Only advise on the consequences for XYZ Pty Limited NOT its shareholders.Fitzroy Pty Ltd is an Australian company. During the 2020/21 financial year Fitzroy Pty Ltd had income of $4,000,000 and deductions of $500,000. What is the total tax payable for Fitzroy Pty Ltd for the 2020/21 financial year? (Assume 2020/21 Company Tax Rate will be 30%)For the year ended 30 June 2022, Chilli Ltd had a taxable profit of $460 000. The following comparative information was ascertained from the tax calculations of Chilli: 2021 2022 $184 000 $68 000 Deferred tax asset Deferred tax liability $156 000 $80 000 Required: Suppose the tax rate is 30 per cent. Prepare the journal entries to account for the income tax expenses of Chilli Ltd for the year ended 30 June 2022 in accordance with AASB 112 Income Taxes.