问答题
6.Lucky Ltd was incorporated on 20 July 2014, and commenced trading on 1 December 2014. The following
information is available for the four-month period 1 December 2014 to 31 March 2015:
(1) The operating profit for the four-month period ended 31 March 2015 is ￡532,600. Advertising expenditure of ￡4,700 (incurred during September 2014), depreciation of ￡14,700, and amortisation of ￡9,000 have been deducted in arriving at this figure.
The amortisation relates to a premium which was paid on 1 December 2014 to acquire a leasehold warehouse on a 12-year lease. The amount of premium assessed on the landlord as income was ￡46,800. The warehouse was used for business purposes by Lucky Ltd throughout the period ended 31 March 2015.
(2) Lucky Ltd purchased the following assets during the period 20 July 2014 to 31 March 2015:
问答题
(a) State when an accounting period starts for corporation tax purposes. (2 marks)
【正确答案】(1) An accounting period will normally start immediately after the end of the preceding accounting period.
(2) An accounting period will also start when a company commences to trade, or otherwise becomes liable to corporation tax.
【答案解析】
问答题
(b) Calculate Lucky Ltd’s corporation tax liability for the four-month period ended 31 March 2015.
Note: Your computation should commence with the operating profit of ￡532,600, and should also indicate by the use of zero (0) any items referred to in the question for which no adjustment is required. (11 marks)
【正确答案】
【答案解析】
问答题
(c) Advise Lucky Ltd as to how long it must retain the records used in preparing its self-assessment corporation tax return for the four-month period ended 31 March 2015, and the potential consequences of not retaining the records for the required period. (2 marks)
【正确答案】(1) Lucky Ltd must retain the records used in preparing its self-assessment corporation tax return until six years after the end of the accounting period, which is 31 March 2021.
(2) A failure to retain records could result in a penalty of up to ￡3,000 per accounting period. However,the maximum penalty will only be charged in serious cases.
【答案解析】