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Hello Sir
What is tax appeal and tax return?
My English related to tax is weaker. I am reading theory and I got a problem with their meanings.
ThanksThe administration of tax is dealt with in chapters 25 and 26 of the OT course notes (the final 2 chapters). Have you completed your study of the earlier chapters?
The Tax Return is submitted by the taxpayer (personal or corporate) showing the income / gains / TTP of the taxpayer for the relevant tax year or chargeable accounting period. The taxpayer may subsequently appeal against any amendment made by HMRC to that tax return.And an other question Sir do we disallow and add back our new machine purchase as a Capital expenditure in our Tax adjusted profit?
ThanksYes as per chapter 4 in the notes, capital expenditure such as the purchase of a machine is disallowed in the adjustment of profits (added back to the accounting profit to compute the tax adjusted trading profit). In chapter 5 on capital allowances you will then learn how tax relief is given for such capital expenditure.
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