ABC plc’s accountants have prepared the following IFRS income statement summary ...
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ABC plc’s accountants have prepared the following IFRS income statement summary for the year ended 31 December 20X1:
Amounts in £ | |
Revenue | 100,000 |
Expenses (excluding tax) | (75,000) |
Profit before tax | 25,000 |
The following information is available about ABC’s profit before tax:
- Revenue includes a government grant of £10,000, which is not taxable.
- Expenses include fines of £4,000 paid by ABC plc during the period. The government does not allow tax-deductibility of fines.
The tax rate for the period is 20%.
What is the current tax expense reported on ABC plc’s P&L for the year ended 31 December 20X1?
0%
0%
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0%
0%
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