The following Corporation Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Companies pay corporation tax on their Taxable Total Profits (TTP) for a Chargeable Accounting Period (CAP).
For more information on what type of profits are subject to corporation tax, see the Taxable Total Profits (TTP) guidance note.
Chargeable accounting periods
Companies are liable to corporation tax for each CAP. The CAP is usually the period for which the company makes up a set of accounts. However, the accounting period for tax purposes may be different.
Short accounting periods
Where a company makes up its accounts for less than 12 months, the accounting period for the company will cover the same short period. Various limits and allowances, eg the capital allowance WDA will be scaled
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