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What’s the difference between “income tax payable this year”
“Income tax charge for the year”
“Charge for the year”
“Current tax?”Income tax for the year (not payable this year) is the liability to carry forward
Income tax charge for the year / current tax for the year is the figure entered as a debit in this year’s statement of profit or loss
Current tax is simply a way of distinguishing one of the tax T accounts from the other (Defered tax)
Tax liability at the end of the year is the carry down figure in either or both of the tax T accounts
Provision for taxation / provision needed for taxation is the same as above – it’s the liability to be carried forward at the end of the year
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