Tax computation: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson m (Link with Tax reconciliation page.) |
imported>Doug Williamson (Layout.) |
||
| Line 1: | Line 1: | ||
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. | ||
Revision as of 09:42, 16 July 2016
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.
