Can someone confirmed to me when is the point when the basis period has to be applied in the tax comp. In my understanding so far, basis period applies to tax adjusted trading profit and not before i.e. PBT needs to be adjusted (addback expenses disallowed for tax less income exempted) and also deducted with capital allowances prior to applying the basis period.
I think the examiner wont be so mean to ask all these in one Q (cross fingers) as it would take tremendous effort to answer them but im just asking to clarify my understanding
Also, the basis period should only be applicable to individual income tax computation rite? accounting period for Corp tax computation would normally follow the period of accounts of the company, for example, in the case of a new company having the first set of account for, say, 6 months, no adjustment in terms of basis period should applied…
hi…i would like to know concerning AIA….i noticed that there’s some place where there is AIA and some not..i.e sometimes we deduct and sometimes we don’t ..so my question is…when should i deduct or not and how would i know i should do that..plzzz i would appreciate your help…
yeah thx…and there’s something else..i saw when there is equipment purchased and lorry for example..they put them together in the qualifying for AIA and deduct AIA $50000 only once..why?
thanks for your reply superwoman
You must be logged in to reply to this topic.