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Hello sir, I have got yet another doubt. I’ll be glad if you could help me out…
For the year ended 31 March 2019, Sizeable Ltd had taxable total profits of £820,000 and for the year ended 31 March 2020 had taxable total profits of £970,000. The profits accrue evenly throughout the year.
Sizeable Ltd has had one 51% group company for many years.
How will Sizeable Ltd pay its corporation tax liability for the year ended 31 March 2020?
Sir dont the companies pay their CT liability instalments based on last year’s CT liability? Like sole traders and VAT annual accounting procedure do? Or companies are exceptional and always pay their CT liability on actual figures?
A company will make quarterly payments based on the estimated TTP of the current accounting period but will only be required to do so if it was large in the preceding AP and is estimating that it will be large in the current AP.
Companies do not pay based on last year’s profits or this year’s actual (as it will not be known at the time the payments become payable).
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