Tx notes fa22 Final

Adjustment of Trading Profit - Year ended 31 December 2022
£
Profit before tax per Accounts
6,868 
Deduct: 
Profit on sale of business premises
(1,750)
Add
back
:
Advertising
0
Irrecoverable debts
0
Depreciation
2,381
Light and heat
0
Subscription to printer association
0
Contribution to local Enterprise agency
0
Gifts to customers:
Calendars
0
Food hampers (1)
95
Director use of car (2)
0
Rates
0
Refurbishing press (3)
522
Redecorating adm o
ffi
ces
0
Building extension (3)
1,647
Sta
ff
Christmas lunch and wages (4)
0
Telephone
0
Adjusted trading profit
9,763

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341
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20. Sail Ltd 
Corporation tax computation for the year ended 31 March 2023 
Note 1
: Profit limit 1,500,000 ÷ 2 (Sail Ltd plus one related 51% group company) = £750,000 
reduced profit limit.
As the “profit” of Sail Ltd does not exceed the profit limit of £750,000, then irrespective of the level of 
profits in the previous period it will not be required to make quarterly instalment payments. The 
corporation tax will therefore need to be paid nine months and one day after the end of the 
accounting period ie by 1 January 2024.
£
Trading profit
380,000
Interest receivable
9,000
Property Income
12,000
Chargeable gains
21,000
Total profits
422,000
Less: Qualifying charitable donations
(22,000)
Taxable Total profits
400,000
Dividends received from non subsidiary companies
50,000
‘Profits’
450,000