Income Tax

Essay specific features

 

Issue:

Business

 

Written by:

Robert B

 

Date added:

December 27, 2015

 

Level:

University

 

Grade:

A

 

No of pages / words:

4 / 953

 

Was viewed:

7185 times

 

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Essay content:

They are: 1. Start of with the net profit/loss for the profit and loss account. 2. Add back any expenses, which are not allowable. 3. Subtract any incomes that are not taxable under case I and II. E.g. rental income. Treatment of Expenses Expense: Add back Do Not Add back ? Any expense that is wholly and exclusively for the business P ? Expenses not for the business P ? Owners drawing/salary ? anything owner takes for private use P ? Political/charitable donations P ? Any expense incurred for the employees P ? Capital expenditure ? costs associated with buying/improving fixed assets P ? Depreciation P ? Repairs to fixed assets P ? Bad debts P ? Increase in general provision P ? Increase in specific provision P ? Repaying capital sum of loans P ? Business entertainment P ? Penalties/fines for breaking the law P ? Car lease costs P (Some) Notes: 1...
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Car Lease Costs: Write down the total lease costs. Step 1 - subtract personal percentage of the Owner's car only. Step 2 - subtract: Answer after step 1 x (Price of car - ?22,000) Price of the Car NB: The amounts that you subtract are the amounts that are to be added back. 2. General Provision: Created a 2% provision ? add back as it is only a general provision and is not tax deductible...
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