Unit 2 – BLP Tax Flashcards
1
Q
What type of tax do sole traders and partners pay?
A
Income tax and capital gains
2
Q
What type of tax do companies pay?
A
Corporation tax
3
Q
What is the accounting period of a business?
A
12 months.
4
Q
Calculation for trading profits or losses:
A
1) Chargeable receipts MINUS
2) Deductible expenditure MINUS
3) Capital allowances
= Trading profit / loss
5
Q
What is a chargeable receipt?
A
Money received for the sale of goods and services.
6
Q
What is deductible expenditure?
A
