Our company was incorporated in December 1999 and will draw up its first accounts to 31.12.2000. My questions are:
(i) Given that we commenced trading in June 2000 do all our profits fall in to the period 1.4.00 onwards?
(ii) As we have profits of say £13500 what is our liability to CT? I understand that there are 10% and 20% rates but I cannot get my head round this marginal rate calculation?
I know this is really a question for our accountants but our particular one seems to charge us £100 every time we seem to pick the phone. Yes we are looking to change!
Many thanks in advance
Sam
Samantha Jennings
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Corporation tax liability
I understand that the corporation tax calculation is based on the trading period of the company, from Jun 1999 to Dec 2000, but the CT returns would have been issued for the accounting periods from Dec 1999 to Nov 2000 (12 months) and for Dec 2000 (1 month). Therefore, how do we sort out this problem?