Profit Tax for a Small Company: From Accounting Profit to Taxable Profit, Add-Backs, Capital Allowances, Loss Carry-Forwards & Instalments
Work through a company's profit tax step by step under a fictional, simplified tax code. You will adjust accounting profit for non-deductible items, replace depreciation with capital allowances from fictional pools, use losses from earlier years under a cap, apply a tiered rate, plan instalments and compare the tax provision with the payments, with every cell checked as you go.
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About this course
This course works through the profit tax of a small fictional joinery company under an invented, country-neutral tax code. You start from accounting profit and total add-backs and deductions with SUMIFS, look up deductible shares in a category table with XLOOKUP, and replace depreciation with capital allowances from declining-balance pools. You keep a five-year loss memo with a cap, tax five companies under incremental bands and compare effective with marginal rates. Then you plan instalment due dates with EDATE, WORKDAY and EOMONTH, charge late-payment interest, compute a refund with credit interest and chart three years of accounting vs taxable profit.
Lessons
- The Adjustment Sheet: From Accounting Profit to Adjusted Profit Pro
- Non-Deductible Items: A Category Table, Deductible Shares & Total Add-Backs Pro
- Capital Allowances: Pools, Declining-Balance Rates, Additions & Disposals Pro
- Loss Carry-Forward: A Fictional Cap and the Five-Year Loss Memo Pro
- Rates: A Two-Band Company Rate, Incremental Bands & the Effective Rate Pro
- Instalments: Due Dates with EDATE & WORKDAY, Last Year vs This Year's Estimate Pro
- Late & Early Payments: Interest on Shortfalls and Refunds with Credit Interest Pro
- Provision vs Payment: Tax Expense, Year-End Payable & a Three-Year Comparison Pro