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Jess plc is required to pay corporation tax by instalments. It had prepared accounts to 31 March each year
but decided to prepare accounts for the 10-month period to 31 January 2018. Jess plc’s corporation tax
liability for the period to 31 January 2018 was £500,000.
What is the amount of the final instalment of corporation tax for the period ended 31 January 2018 and when is it due?The answer says 14th may 2018. I dnt understand how it is may?. If jan 18 is year end the start of account period is 1/4/17 and per rules first installment is 7th month of accounting period. so how is the final installment on 14th may. ?
The quarter payment date for corp. tax is the 14 of 7th, 10th, 13th and 16th of a company accounting year. The beginning payment date is always 7th month and the balancing date is always 16th month (which is 4th month from the beginning of next year), and this rule holds even if the company has a shorter period that year. The other middle payments are 3 months after the previous ones.
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