Liverpool Vision Limited. Corporation Tax Computation. Year ended 31 March Tax reference: Date prepared: 18/06/ :53:09

Transcription

1 Corporation Tax Computation Tax reference: Date prepared: 18/06/ :53:09

2 Contents Corporation tax computation A1 A2 A3 Corporation tax Profits chargeable Carried forward amounts Trade B1 Accounts adjustments Commercial activities C1 C2 C3 C4 Commercial activities Losses Marketing and exhibition trade Pension scheme adjustment relating to commercial activities Non-trade financial profits and losses D1 D2 Non-trade financial profits Non-trade loan relationship credits Accounts analysis E1 E-filing profit and loss summary Additional e-filing disclosures F1 CT600 return values Tax accounting G1 G2 G3 G4 G5 Tax charge per accounts Tax account summary Deferred tax provision Gross timing differences Overall proof of tax charge Page 2

3 A1 Corporation tax Corporation tax liability G1 nil Tax A2 Profits chargeable Income Non-trade loan relationships D1 21,059 Deductions and reliefs Trading losses - Commercial activities C2 (21,059) Profits chargeable to corporation tax nil A3 Carried forward amounts Brought forward Carried forward Trade losses - Commercial activities C2/G4 353, ,027 Page 3

4 B1 Accounts adjustments Loss per accounts (379,157) Add Loss per accounts for Commercial activities C1 170,152 Fixed asset depreciation 32,396 Grant income not taxable 191,295 Legal fees 3,151 Client entertaining 3,222 Deduct Non-trade loan relationship credits per accounts D2 (21,059) Adjusted profit nil Page 4

5 C1 Commercial activities Loss per accounts B1 (170,152) Add Fixed asset depreciation 1,604 Legal fees 156 Pension scheme adjustment C4 5,047 Client entertaining 152 Adjusted loss (163,193) C2 C2 Losses Trading loss for the period C1 163,193 Set against current period profits A2 (21,059) 142,134 Loss brought forward G4 353,893 Trading loss carried forward A3/G4 496,027 C3 Marketing and exhibition trade In the prior year the company undertook the commercial activity of providing of marketing and events services. These projects ran by the company were done so on a commercial basis and so fell within the charge to Corporation Tax. During the current year the company undertook a similar marketing and events project and has the intention to continue to provide marketing and events to 3rd parties with the view to making a profit. These projects have been separately identified from the company's main activity of raising funds to promote and facilitate the development and regeneration of Liverpool. Page 5

6 C4 Pension scheme adjustment relating to commercial activities [Allowed]/Disallowed Contributions by the company (193,000) Service costs 276,000 Interest on liabilities (582,000) Expected return 606,000 Total Adjustment 107,000 Staff use on Commercial projects 2.5 staff out of 53 So disallowance relating to the marketing and exhibitions trade is (2.5/53 x 107,000) C1 5,047 Page 6

7 D1 Non-trade financial profits Non-trade loan relationship credits D2 21,059 Net loan relationship income 21,059 A2 D2 Non-trade loan relationship credits Taxable P&L amount Bank interest received 21,059 21,059 21,059 21,059 D1 B1 Page 7

8 E1 E-filing profit and loss summary Total other income Interest and similar income 21,059 21,059 Profit on ordinary activities before taxation 21,059 Unreconciled amount Profit / (loss) per accounts (21,059) nil Page 8

9 F1 CT600 return values CT600 box Income Bank, building society or other interest, and profits and gains from non-trading loan relationships 6 21,059 Profits before other deductions and reliefs 21 21,059 Deductions and reliefs Trading losses of this or a later accounting period under s37 CTA ,059 Total of deductions and reliefs 33 21,059 Profits chargeable to corporation tax 37 nil Tax calculation Corporation tax 63 - Corporation tax chargeable 70 - Calculation of tax outstanding or overpaid Tax payable 86 - Losses, deficits and excess amounts Arising Trading losses ,193 Maximum available for surrender as group relief Trading losses ,193 Page 9

10 G1 Tax charge per accounts Current period Previous period Derived Accounts Derived Accounts Analysis of tax charge/(credit) for the period Current tax UK corporation tax at 24.00% (PY: 26.00%) A Adjustments in respect of prior periods G2/below - - (2,799) (2,799) Total current tax charge/(credit) below nil nil (2,799) (2,799) Deferred tax Origination and reversal of timing differences G3 (32,691) (32,691) (84,934) (84,944) Adjustments in respect of prior periods G Effect of tax rate change on opening balance G3 3,539 3, Total deferred tax charge/(credit) G2/below (29,142) (29,142) (84,934) (84,944) Tax on profit on ordinary activities (29,142) (29,142) (87,733) (87,743) Provision for deferred tax Tax losses carried forward and other deductions G3 (114,086) (114,086) (84,934) (84,944) G2/G5 Movement in provision: Provision at start of period G2 (84,944) (84,944) Deferred tax charged in the P&L account for the period above (29,142) (29,142) Provision at end of period G2 (114,086) (114,086) Deferred tax (asset)/liability not recognised nil nil nil nil Page 10

11 G1 Tax charge per accounts (continued) Current period Previous period Derived Accounts Derived Accounts FRS19 reconciliation of current tax charge Profit on ordinary activities before tax G5 nil nil (683,960) (683,960) Tax on profit on ordinary activities at standard CT rate of 24.00% (PY: 26.00%) G5 nil nil 0% (177,830) (177,830) 26% Effects of: Fixed asset differences G5 8,160 8,160 0% 8,580 8,580-1% Expenses not deductible for tax purposes G5 48,726 48,726 0% - - 0% Other permanent differences G5 (90,998) (90,998) 0% 73,772 73,761-11% Other tax adjustments, reliefs and transfers G % 3,465 3,465-1% Adjustments to tax charge in respect of previous periods G2/above - - 0% (2,799) (2,799) 0% Unrelieved tax losses and other deductions arising in the period G3 34,112 34,112 0% 92,012 92,023-13% - 0% 1 0% Unexplained difference - - 0% 1-0% Current tax charge/(credit) for the period above nil nil 0% (2,799) (2,799) 0% G2 Tax account summary Liability/ P&L P&L (Payments)/ Liability/ (asset) b/f prior current receipts (asset) c/f Current taxes Prior periods without analysis: to 31/03/2012 G1 (2,799) - - (2,799) Current period: to 31/03/2013 A1/G Over/(under) provided G1/G (2,799) nil (2,799) Deferred taxes Timing differences G1/G3 (84,934) (29,152) (114,086) Over/(under) provided G5 (10) G1/G5 (84,944) 10 (29,152) (114,086) Adjustment for prior periods G1 10 Total P&L credit G1 (29,142) Page 11

12 G3 Deferred tax provision Gross Tax DT assets Potential DT liabilities Required amounts amount not recognised provision not recognised provision Closing provision at 23.00% - liability/(asset) Fixed asset timing differences G1/G Short term timing differences G1/G Losses and other deductions G1/G4 (496,027) (114,086) - (114,086) - (114,086) (496,027) (114,086) nil (114,086) nil (114,086) Opening provision at 24.00% - liability/(asset) Fixed asset timing differences G Short term timing differences G Losses and other deductions G4 (353,893) (84,934) - (84,934) - (84,934) G2 (353,893) (84,934) nil (84,934) nil (84,934) Movement - charge/(credit) Fixed asset timing differences Short term timing differences Losses and other deductions (142,134) (29,152) - (29,152) - (29,152) G2 (142,134) (29,152) nil (29,152) nil (29,152) Movement showing effect of tax rate change - charge/(credit) Fixed asset timing differences Short term timing differences Losses and other deductions (142,134) (32,691) - (32,691) - (32,691) G1 (142,134) (32,691) - (32,691) - (32,691) Effect of change of tax rate on opening balances G1 3,539-3,539-3,539 G2 (142,134) (29,152) nil (29,152) nil (29,152) Movement at average rate of 24.00% for reconciliation of current tax charge - charge/(credit) Fixed asset timing differences G1 - - Short term timing differences G1 - - Losses and other deductions G1 (142,134) (34,112) Page 12

13 G4 Gross timing differences Opening amounts Movement Closing amounts Losses and other deductions Unused losses - Commercial activities A3/C2 (353,893) (142,134) (496,027) Net losses and other timing differences (353,893) (142,134) (496,027) G3 G3 G3 G5 Overall proof of tax charge Tax amount Rate of tax % Expected tax charge Profit per accounts nil Tax on profits at the average rate nil 0.00% Actual total tax charge G1/G2 (29,142) 0.00% Difference to explain below (29,142) 0.00% Fixed asset differences Fixed assets ineligible depreciation 34,000 Total fixed asset differences at 24.00% 34,000 8, % Other permanent differences Adjustments - Trade B1 197,668 Adjustments - Commercial activities C1 5,355 Expenses not deductible for tax purposes at 24.00% G1 203,023 48, % Profit and loss unreconciled amount (379,157) Other permanent differences at 24.00% G1 (379,157) (90,998) 0.00% Tax adjustments, reliefs and transfers - net Adjust closing deferred tax to average rate of 24.00% 4,960 Total net tax adjustments and transfers 4, % Adjustments to tax charge in respect of previous periods - deferred tax % above (29,142) 0.00% Page 13