Legislation

Question 1

The profits of a trade must be calculated in accordance
with generally accepted accounting principles, subject to any adjustment required or authorised by law in calculating profits….

Answer 1

s25 ITTOIA and s46 CTA09

Question 2

s25 ITTOIA and s46 CTA09

Answer 2

The profits of a trade must be calculated in accordance
with generally accepted accounting principles, subject to any adjustment required or authorised by law in calculating profits….

Question 3

In calculating the profits of a trade, no deduction is allowed for items of a capital nature.

Answer 3

s33 ITTOIA and s53 CTA09

Question 4

s33 ITTOIA and s53 CTA09

Answer 4

In calculating the profits of a trade, no deduction is allowed for items of a capital nature.

Question 5

s96 ITTOIA and s93 CTA09.

Answer 5

Items of a capital nature must not be brought into account as receipts in calculating the profits of a trade…

Question 6

Items of a capital nature must not be brought into account as receipts in calculating the profits of a trade…

Answer 6

s96 ITTOIA and s93 CTA09.

Question 7

s106 ITTOIA and s103 CTA09

Answer 7

Specially applies the accountancy practice that if damage is repaired, the deduction allowed for repairs is reduced by any compensation or insurance received.

Question 8

Specially applies the accountancy practice that if damage is repaired, the deduction allowed for repairs is reduced by any compensation or insurance received.

Answer 8

s106 ITTOIA and s103 CTA09