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Augmented Profit

Forums › ACCA Forums › ACCA TX Taxation Forums › Augmented Profit

  • This topic has 2 replies, 2 voices, and was last updated 3 years ago by nadiranks.
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  • August 27, 2021 at 3:43 pm #633148
    nadiranks
    Member
    • Topics: 25
    • Replies: 59
    • ☆☆

    Is Augmented profit still used in the determination of whether a company is large or small. Do we add the dividends from unrelated/non subsidiary companies for this determination? I learnt it in prior years so just for clarification/ Thanks

    August 27, 2021 at 11:19 pm #633176
    cityfox
    Member
    • Topics: 5
    • Replies: 6
    • ☆

    Hi Nadiranks, Yes it is still used in the way you describe. All entities for which you have an direct or indirect 51% interest ownership will have to be added together (Company 1 + Company 2 etc..) and divide it by the 1.5 Million large company threshold in order to determine the amount of Profit each of these Companies has to have at least in order to being perceived as a “large company” by HMRC for tax purposes. If the company is being perceived as being large quarterly payments on account will have to be made instead of annual payments. Important to mention is also that for augmented profit calculation it doesn’t matter if a 51% company is resident or not.

    August 29, 2021 at 2:02 am #633297
    nadiranks
    Member
    • Topics: 25
    • Replies: 59
    • ☆☆

    thank ya very much

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