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Corporation Tax Part 1 - The Complete Introduction

This is a standalone introduction to the main features of the UK Corporation Tax Regime and combined with Parts 2 and 3 gives a detailed outline of UK taxation for corporate businesses. Combining worked examples and all the main aspects of a corporation tax computation alongside statute, case law and relevant HMRC practice, it provides a thorough understanding of the essential principles and procedures.

Learning Objectives

WHO SHOULD ATTEND

For newcomers and those needing a refresher this gives a thorough grounding in the basics of corporation tax calculation highlighting the main issues when preparing a corporation tax return and all the accompanying information submissions to HMRC.

Course Content

What is a company for CT purposes?

  • Trading and investment companies
  • UK corporate residence rules, management and control and incorporation tests
  • Company accounting periods, periods of account and the charge to corporation tax
  • Current associated company rules for group companies

 Computing corporation tax profits                  

  • Trading profits, rules on income and expenses
  • The importance of UK GAAP/IFRS
  • Rates of corporation tax
  • Capital allowances
  • Rental income profits, expenses and receipts
  • Investment income and deducted tax
  • Loan relationship rules
  • Loss reliefs
  • Intangibles reliefs
  • Capital gains and loss relief rules
  • Computing corporation tax liabilities
  • Close companies
  • Shareholder rules and taxation of dividends
  • Company loan interest
  • Preparing a CT computation and return
  • Case study on CT computations, returns and capital allowances

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