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Do we calculate tax on adjusted net income?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Do we calculate tax on adjusted net income?

  • This topic has 1 reply, 2 voices, and was last updated 4 months ago by JillyB.
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  • January 5, 2025 at 11:42 am #714431
    raiyanr21
    Participant
    • Topics: 4
    • Replies: 1
    • ☆

    Hi, I posted a question the other day, to simplify I need to ask if we calculate tax on the adjusted net income? For example if A has earned £160,000 trading profit in 2023/24 and has paid £6400 to charity under the gift-aid scheme. Then his reduces the ANI to £152,000, since we reduce the income by the gross gift-aid, in this case, 6400×100/80 =8,000. What I need to know is if we carry out our tax computation on the £152,000 or the £160,000. I am stuck here since the lecture states our total income is £160,000 and that is our taxable income, however, I’m under the impression we calculate tax on the ANI.

    January 8, 2025 at 12:47 pm #714480
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    The ANI is a working only – you calculate the tax on the actual income

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