L
Louisa
Member
I'm puzzled by a note in the core reading that taxation differs between Lloyds syndicates and companies using funded accounting. It says that for companies tax is "related back" to the first year. (Acted notes SA3-05 p6 section 3.2.)
Anyone know what this means in practice? Do you have to estimate the profit in the first year and pay tax on it then? Or if the tax isn't paid until the third year, in what way is it "related back"?
Cheers,
Louisa
Anyone know what this means in practice? Do you have to estimate the profit in the first year and pay tax on it then? Or if the tax isn't paid until the third year, in what way is it "related back"?
Cheers,
Louisa