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The Company North S.L. Corporate Tax management Assessment Answers
The final work will be evaluated based on the following criteria:
- Acquired knowledge (25%): the knowledge acquired throughout the course of the subject will be evaluated through the analysis of the theoretical data shown in the project presented by the student.
- Development of the Subject (25 %): the interpretation of the thesis subject by the student and its development will be evaluated in a coherent and analytical manner.
- Final result (25%): the final evaluation is based on coherent solutions applied to solve objectives set out in the paper. The presentation must be conclusive and formatting must meet established parameters.
- Additional information and bibliography (25%): additional information regarding the research and subject matter will be evaluated and taken into consideration as a bonus. This consist of: bibliography, visual graphics, charts, independent studies carried out by the student, external academic sources, articles of opinion, etc. All sources, both printed and online, must be referenced according to the APA regulations.
The company, North S.L., has the following information in the Balance Sheet and Profit and Loss Account for 2016, before calculating its Corporate Tax:
|69.360,00 A) NON CURRENT ASSET||A) NET EQUITY||105.130,00|
|4.860,00 1. Intangible asset||A-1) Equity||60.000,00|
|4.860,00 1. R+D||1. Capital||60.000,00|
|4.860,00 201 DEVELOPMENT||1. Issued capital||60.000,00|
|64.500,00 II. Tangible Fixed Assets||100 SOCIAL CAPITAL||19.500,00|
|64.500,00 2. Technical facilities and others.||III. Funds||12.000,00|
|52.000,00 213 MACHINERY||1. Legal y statuary||12.000,00|
|8.000,00 216 FURNITURE||112 LEGAL FUNDS||7.500,00|
|3.500,00 217 INFORMATION PROCESSING EQUIP.||2. Other funds||7.500,00|
|25.000,00 218 TRANSPORT||113 VOLUNTEER FUND||25.630,00|
|-24.000,00 281 CUMULATIVE DEPRECIATION||VII. Result of the fiscal year||32.000,00|
|104.050,00 B) CURRENT ASSET||B) NON-CURRENT LIABILITY||32.000,00|
|20.500,00 II. Stock||II. Long-term debts||32.000,00|
|20.500,00 1. Commercial||5. Other financial liabilities||32.000,00|
|20.500,00 300 GOODS||171 LONG-TERM DEBTS||36.280,00|
|16.250,00 III. Debtors||C) CURRENT LIABILITY||6.100,00|
|11.850,00 1. Clients (sales and services)||III. Short-term debts||6.100,00|
|11.850,00 b) Clients (sales and services) short-term||5. Other financial liabilities||6.100,00|
|14.300,00 430 CLIENTS||523 SUPPLIERS||30.180,00|
|1.800,00 431 CLIENTS, COMMERCIAL PURPOSE||V. Creditors||11.200,00|
|-4.250,00 490 VALUE IMPAIRMENT||1. Suppliers||11.200,00|
|4.400,00 6. Other credits with Public Adminis.||b) Short-term suppliers||11.200,00|
|4.400,00 473 PUBLIC FINANCES, WITHOLDINGS||400 SUPPLIERS||18.980,00|
|67.300,00 VII. Cash||3. Different Creditors||18.980,00|
|67.300,00 1. Treasury||410 Creditors||105.130,00|
|2.200,00 570 CASH FLOW, EUROS|
|65.100,00 572 BANKS AND CREDIT INSTITUTIONS|
|173.410,00 T OTAL ASSETS||TOTAL NET EQUITY AND LIABILITIES 173.410,00|
|LOSS AND PROFIT ACCOUNT|
|1. Net revenue||204.300,00|
|700 SALES OF GOODS||200.000,00|
|705 PROVISION OF SERVICES||5.500,00|
|708 SALES RETURNS||-1.200,00|
|600 PURCHASE OF GOODS||-72.450,00|
|610 CHANGE IN INVENTORY||2.650,00|
|6. Staff costs||-75.170,00|
|640 WAGES AND SALARIES||-56.800,00|
|642 SOCIAL SECURITY||-16.470,00|
|649 OTHER SOCIAL EXPENSES||-1.900,00|
|7. Other operating costs||-19.850,00|
|626 BANK SERVICES||-700,00|
|627 ADVERTISING AND PR||-3.600,00|
|629 OTHER SERVICES||-7.100,00|
|631 OTHER TAXES||-400,00|
|694 IMPAIRMENT LOSSES||-4.250,00|
|8. Depreciation||– 13.950,00|
|681 DEPRECIATION||– 13.950,00|
|12. Other outcomes||– 600,00|
|678 EXTRA COSTS||– 600,00|
|A) ACTIVITY OUTCOME||24.930,00|
|13. Financial income||700,00|
|b) Other financial income||700,00|
|769 OTHER FINANCIAL INCOME||700,00|
|B) FINANCIAL OUTCOME||700,00|
|C) INCOME BEFORE TAXES||25.630,00|
|D) FISCAL YEAR OUTCOME||25.630,00|
- Make in each of the following points the adjustment needed to obtain the tax base of the Corporate Tax, basing the response and establishing the amount that corresponds. You must also indicate if you are facing a temporary or permanent difference. In points 8 and 9 you should not propose any adjustment, in these two cases you should describe how they affect the liquidation of the Corporate Tax.
- The machinery was acquired for € 52,000 in January 2014. An accounting depreciation expense of € 7,000 is provided. Fiscally a maximum amortisation coefficient of 12% and a maximum period of 18 years is established.
- The transport element or vehicle was acquired on January 1, 2013, with a price of € 25,000 and a useful life of 5 years. The accounting amortisation is carried out using the method of decreasing digit numbers.
- Provision of € 1,250 is provided for a debt that occurs on October 1, 2016. The liability has not been claimed judicially.
- A provision for insolvencies of € 3,000 is provided, an obligation that has already been judicially claimed.
- The administrators have been paid for the performance of senior management functions with € 10,000.
- An administrative penalty of € 600 has been imposed on the company.
- The company has paid the posters for a sports conference for its employees. This serves to advertise their products and services and has cost € 1,200. The company gave the customers who attended the event a batch of products worth € 2,200. Extraordinarily, he has given his employees an assortment of products worth € 400.
- The company is entitled to a deduction for having made investments affected to R & D of € 1,200.
- The company has made installment payments of € 4,400.
2. Calculate the liquidation of the Corporate Tax in a word document, using the following scheme.:
|+/- Permanent differences|
|+/- Temporal differences|
|– Set-off for tax bases from previous tax years.|
|X tax rate|
|– Tax deductions, bonuses and other withholdings|
|– Withholdings and part payments|
3. North S.L. is thinking of making an international expansion. However, you need to determine whether to start big in a new market or expand into a potentially large market, but at a slower and safer pace. The options that the company’s management has are: