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For example 2 my calculations were:
Upper limit 250000/2=125000
Lower limit 50000/2=25000
TTP
75000*25%*8/12=12500
Less
Marginal relief (125000-75000)*3/200*8/12=500
Corporation tax due = 12000
Can pls someone explain where I’ve gone wrong?
Hi! I think if we are dealing with short term period, we need to time apportioned the Upper and Lower limit only and not the Taxable total profit.
Lower Limit= 5ok/2*8/12=16,667
Upper Limit=250k/2*8/12=83,333and the TTP will remain 75k because it is the profit for that 8 months (short term period)
we only time apportioned TTP, if the TTP is for falls to two financial year.
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