taxable profit and tax charge

The following is the summarized internal profit and loss account of XBP Ltd after its first year of trading:

£ Sales 1,800,000

Cost of sales (850,000)

Distribution costs (250,000)

Administration expenses (190,000)

Depreciation of equipment (22,000)*

Depreciation of IT equipment (38,000)* *Already included in either distribution costs or administration expenses above.

Other information: Original cost of equipment 140,000 Original cost of IT equipment 160,000 Corporation tax (i.e. company taxation) is charged at 20% of the taxable profit. Initial writing down allowances are: 25% as regards equipment 50% as regards IT equipment Included in the distribution costs is £28,000 which is deemed non-allowable.

TASK Calculate XBP Ltd’s total taxable profit AND the total tax charge for the year.

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