Hi,
I wonder if somebody could help me regarding our Corporate Taxes ( CT1 )form.
We are a small limited company, with only the directors in it, very small business, little income, local business, no trading outside the state and no associated companies.
When filing the CT1, the form requests certain information regarding Transfer Pricing.
Below, the questions asked by the form. The answers are Yes or No. I believe that, considering the type of business we run, the correct answers are the ones I am writing down beside the questions.
I would appreciate it if somebody could confirm if I am right.
Transfer pricing
Does the company qualify for the SME exemption under section 835EA? .......Yes
Is the company required to prepare a Local File ........No
Is the company required to prepare a Master File ......No
Thanks in advance for the replies.
I wonder if somebody could help me regarding our Corporate Taxes ( CT1 )form.
We are a small limited company, with only the directors in it, very small business, little income, local business, no trading outside the state and no associated companies.
When filing the CT1, the form requests certain information regarding Transfer Pricing.
Below, the questions asked by the form. The answers are Yes or No. I believe that, considering the type of business we run, the correct answers are the ones I am writing down beside the questions.
I would appreciate it if somebody could confirm if I am right.
Transfer pricing
Does the company qualify for the SME exemption under section 835EA? .......Yes
Is the company required to prepare a Local File ........No
Is the company required to prepare a Master File ......No
Thanks in advance for the replies.