The following questions all relate to business taxes.
Which of the following would never be subject to corporation tax?
A) A charity
B) Tractor Ltd
C) The local working men’s club
D) The ABC Partnership
If a company makes a loss in its final year of trading, how can this loss be relieved?
A) Against profits of the current year
B) Against profits made in all or any of the previous three years
C) Against profits made in all or any of the previous five years
D) Against profits made in all or any of the previous seven years
By when must a small company pay any corporation tax due?
A) 12 months after the end of the end of the accounting period
B) 6 months and 5 days after the end of the accounting period
C) 7 months and one day after the end of your accounting period
D) 9 months and one day after the end of your accounting period
A company cannot have an accounting period which is longer than:
B) 12 months
C) 18 months
D) 22 months
Certain machinery bought for use in the business is subject to what:
A) Capital allowances
B) A wear and tear allowance
C) The cost is deducted from the profits
D) All of the above