TAX TERMS Flashcards by Haaaa s

Q

What is allowance?

A

Tax-free amount

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Q

What’s a deductable?

A

Expense you can subtract from income

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Q

What is a capital allowance?

A

Deduction for long term assets

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Q

What is a taxable allowance

A

Income after allowances

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Q

What is disallowed expenses?

A

Non-deductible costs

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Q

What is trading profit

A

Business profit after deduction

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Q

What is income tax bands?

A

Rates based on income level

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Q

What is appropriations

A

Personal use of business money (non deductable)

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Q

What is tax adjusted profit?

A

Final profit figure for tax calculations

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