Tax computation: Difference between revisions
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A calculation of tax payable by a business or by an individual with more complex tax affairs, usually prepared by the taxpayer or the taxpayer's agent. | A calculation of tax payable by a business or by an individual with more complex tax affairs, usually prepared by the taxpayer or the taxpayer's agent. | ||
Tax computations are normally submitted to the relevant tax authorities as supplementary material supporting a standardised summary tax return, for example a UK Corporation Tax return. | Tax computations are normally submitted to the relevant tax authorities as supplementary material supporting a standardised summary tax return, for example a UK Corporation Tax return. | ||
For a business which produces external accounts, the tax computations will commonly include: | For a business which produces external accounts, the tax computations will commonly include: | ||
# A summary adjustment of the (externally reported) accounting profits, to calculate the taxable profits. | |||
# Additional detail and reconciliations of figures appearing in the accounts. | |||
Sometimes known as a "tax comp" or ""tax comps"". | Sometimes known as a "tax comp" or ""tax comps"". | ||
== See also == | == See also == | ||
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* [[Corporation Tax return]] | * [[Corporation Tax return]] | ||
* [[Disallowable expenditure]] | * [[Disallowable expenditure]] | ||
* [[Tax ]] | * [[Tax ]] | ||
[[Category:Taxation]] | |||
Revision as of 15:54, 14 August 2013
A calculation of tax payable by a business or by an individual with more complex tax affairs, usually prepared by the taxpayer or the taxpayer's agent.
Tax computations are normally submitted to the relevant tax authorities as supplementary material supporting a standardised summary tax return, for example a UK Corporation Tax return.
For a business which produces external accounts, the tax computations will commonly include:
- A summary adjustment of the (externally reported) accounting profits, to calculate the taxable profits.
- Additional detail and reconciliations of figures appearing in the accounts.
Sometimes known as a "tax comp" or ""tax comps"".
