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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Corporation Tax (Taxable Total Profits)
Could someone please explain the pro forma for Taxable Total Profits. When we adjust the expenses and income from net income and arrive at tax adjusted trading profit, are other gains and income like property income , interest receivable not already accounted for in this calculation ?
Why are we adding Interest receivable ,property income, net chargeable gains separately to arrive at taxable total profits? Have these not been already considered when we make adjustments to net income to arrive at tax adjusted trading profit?
What is the difference between trading profits and total profits when we consider it in terms of Statement of Profit and Loss in books of company’s accounts?
I am able to understand that for self employed people there will be income other than trading profits but getting confused about the corporation?
Thank you!
