Mice Ltd property business profit for the year 31 March 2010 is £20,550 Period ended Year ended Year ended
31 March 31 March 31 March
2007 2008 2009
£ £ £
Trading profit 83,200 24,700 51,200
Property business profit 2,800 7,100 12,200
Gift aid donations (1,000) (1,500) –
The company profits at the period 31march 2007 is £65,000. Also the company profits at 31 March 2008, is £24800 for nine month with taxable charges. And on 31 march 2009, £ 56400 taxable, as well as 13,550 on march 2010.
Mice Ltd a business, the Taxman allows you to deduct it from your other income and so reduce your tax bill. At first sight the rules appear generous, allowing carry forward, carry back and even sideways loss relief. But as you would expect, the Taxman applies lots of conditions. One is that if your business ceases and you haven’t been able to get tax relief for all your losses, he won’t let you carry them forward to another business.
Mice Ltd Made a purchase of assets 75,000 added to the company profit of 31 March 2010 = 95,550. Once a year you will get a notice from HMRC to file a company tax return. It’s something that’s worth putting in your diary each year, as it is your responsibility to fill out the tax return even if the notice doesn’t reach you for whatever reason. It involves filling out a company tax return form CT600 plus sending off accounts information prepared by your accountant. HMRC is encouraging businesses to do this online as much as possible. As well as speeding up the process, the tax calculations are done by the website. Many accountants use special software to prepare company tax returns, and submit them online for you. Even though you are using an expert to complete your company tax return, it’s worth you checking all of the details and ensuring everything is correct. Legally it is the company’s responsibility to ensure the information sent is...