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Past Paper Sep/Dec2015. Section A.8 Why is it “C”? not “A”?
Mammoth Ltd commenced trading on 1 January 2012. The company’s augmented profits have been as follows:
Period £
Year ended 31 December 2012 524,000
Year ended 31 December 2013 867,000
Year ended 31 December 2014 912,000Throughout all of these periods, Mammoth Ltd had one associated company.
What is the first year for which Mammoth Ltd will be required to pay its corporation tax liability by quarterly
instalments?A Year ended 31 December 2013
B None of the years ended 31 December 2012, 2013 or 2014
C Year ended 31 December 2014
D Year ended 31 December 20122 associated companies so upper limit is 750,000. Mammoth was not large in y/e 31/12/12 so is NOT required to make quarterly instalment payments (QIP) for y/e 31/12/13. It is large in y/e 31/12/13 and is also large in y/e 31/12/14 so will be required to make QIP for y/e 31/12/14
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