1 2 Corporatio tax tradig profits this chapter covers... I this chapter we provide a brief review of the Corporatio Tax computatio, ad examie the step by step procedures for compilig the computatio, before cocetratig o the calculatio of adjusted tradig profits. We examie i detail how to adjust the data provided i a icome statemet so that it is valid for tax purposes. This ivolves adjustig icome ad expediture. We will ote the mai types of expediture that caot be set agaist tradig icome, as well as specific examples of expediture that is allowable. There will be opportuities to practice adjustig accouts that have bee prepared for iteral purposes, as well as usig published accouts. We will the see how to deal with the situatio whe accouts have bee prepared for a log period ad eed to be split ito two Chargeable Accoutig Periods. Fially, we will lear the rather complex rules about the optios that are available to compaies to offset ay trade losses that they icur.
2 c o r p o r a t i o t a x t r a d i g p r o f i t s 2. 3 T H E C O R P O R AT I O N TA X C O M P U TAT I O N We saw i the last chapter that the Corporatio Tax computatio comprises a summary of profits from various sources that are chargeable to Corporatio Tax. The computatio the goes o to calculate the amout of Corporatio Tax that is payable. A simple versio of this computatio is repeated here: Tradig Icome X + Profits from Ivestmets X + Chargeable Gais X = Taxable Total Profits (TTP) X Corporatio Tax o taxable total profits X Note that taxable total profits were previously kow as profits chargeable to Corporatio Tax (PCTCT). You will otice that Tradig Icome is listed as the first item i the computatio, ad is ofte the most importat oe. We will be lookig i detail i this chapter at why ad how the tradig profits from the fiacial accouts are adjusted for tax purposes. Before we do that, we will examie briefly the mai steps that eed to be udertake to complete the full Corporatio Tax computatio. We ca the refer to this procedure as we look at the compoets i detail over the ext chapters. The followig diagram shows i summary how it all fits together. C o r p o r a t i o T a x c o m p u t a t i o s t e p - b y - s t e p p r o c e d u r e s adjust tradig profits calculate capital allowaces calculate gais o idividual disposals idetify profits from ivestmets idetify Gift Aid paymets combie to form tradig icome assessmet combie to form chargeable gais total combie to form taxable total profits (TTP) idetify Corporatio Tax rates based o fiacial year(s) ad Augmeted Profits level calculate Corporatio Tax liability based o taxable total profits
3 2. 4 b u s i e s s t a x ( F i a c e A c t ) t u t o r i a l I this chapter we are goig to lear how to adjust the tradig profit (the top left-had box i the diagram). We will also see how trade losses ca be set agaist profits to reduce total taxable profits. I Chapter Three we will see how to calculate capital allowaces so that we ca icorporate the result ito the tradig icome assessmet. I Chapter Four we will examie chargeable gais ad the we will see how it all fits together. I Chapter Five we will explai how to calculate the Corporatio Tax liability. A D J U S T M E N T O F P R O F I T S The startig poit for the calculatio of tradig profits is the statemet of profit or loss (icome statemet) that has bee prepared by the compay. Whether you are asked to work from a set of accouts prepared for iteral use, or i published format, the process is the same. The basis of assessmet for tradig profits is the tax-adjusted tradig profits of the chargeable accoutig period, prepared o a accruals basis. I this sectio of the book we will start by usig accouts that have bee prepared for the chargeable accoutig period (ie o more tha 12 moths). We will see later how we deal with accouts that have bee prepared for a loger period. Sice the fiacial accouts that will be our startig poit will always have bee prepared o a accruals basis, that aspect should ot cause us ay problems. The reaso that accouts eed to be adjusted for tax purposes is ot because they are wrog, but because Corporatio Tax does ot use exactly the same rules as fiacial accoutig. We eed to arrive at a profit figure that is based o the tax rules! For example, there are some costs that although quite legitimate from a accoutig poit of view are ot allowable as a deductio i arrivig at the profit figure for tax purposes. The object of adjustig the fiacial accouts is to make sure that: the oly icome that is credited is tradig icome the oly expediture that is deducted is allowable tradig expediture Whe we adjust profits, we will start with the profit from the fiacial accouts, ad deduct ay icome that is ot tradig icome, ad add back ay expediture that has already bee deducted but is ot allowable This approach is much more coveiet tha re-writig the whole profit ad loss accout based o tax rules. It is quite logical, because it effectively cacels out icome ad expediture that is ot relevat for tax purposes.
4 c o r p o r a t i o t a x t r a d i g p r o f i t s 2. 5 e x a m p l e a d j u s t i g t h e p r o f i t s Suppose that we wish to adjust a set of fiacial accouts (show here i summary form): 000 Sales 500 less cost of sales 200 Gross tradig profit 300 No-tradig icome less expediture 120 Net profit 330 Aalysis of the accouts has show that the cost of sales is etirely allowable, but 40,000 of the 120,000 expediture is ot allowable for tax purposes. To adjust the profits we would carry out the followig computatio: 000 Net profit per accouts 330 Less o-tradig icome (150) Add expediture that is ot allowable 40 Adjusted tradig profit 220 This provides us with the same aswer that we could get by writig out the accouts i full, usig oly the tradig icome ad allowable expediture. If we did that it would look as follows. This is show just for compariso we wo t actually eed to rewrite the accouts i this way. 000 Sales 500 Less allowable cost of sales 200 Gross tradig profit 300 Less allowable expediture 80 Net profit 220 We will ow look i more detail at adjustmets for icome, followed by expediture. a d j u s t i g i c o m e Provided the sales, turover or reveue figure relates etirely to tradig, this figure will ot eed adjustig. Other icome may or may ot be taxable, but if it is ot tradig icome, the it will eed to be adjusted for i the tradig profit calculatio. The followig are examples of icome that are ot assessable as tradig icome, ad should therefore be adjusted for by deductig from the et profit show i the fiacial accouts: o-tradig iterest receivable
5 2. 6 b u s i e s s t a x ( F i a c e A c t ) t u t o r i a l ret receivable gais o the disposal of o-curret assets (fixed assets) divideds received All these examples should be adjusted by simply deductig the amout that was credited to the fiacial accouts. There is o eed to worry about exactly how the figure was origially calculated. We will the have arrived at what the profit would have bee if these items had ot bee icluded origially. Items that origiate from the trade (eg discouts received) are taxable as part of tradig icome, ad therefore eed o adjustmet. No-tradig iterest ad ret received will reappear i the taxable total profits (TTP) computatio as ivestmet icome ad property icome respectively. Throughout the examples i this book you ca assume that ay iterest received is o-tradig ad is therefore dealt with as outlied here uless stated otherwise. Gais o the disposal of o-curret assets could result i chargeable gais. These gais eed to be calculated accordig to special rules before beig icorporated ito the taxable total profits as we will see i Chapter 4. Divideds received from UK compaies are ot assessable uder Corporatio Tax at all (sice they have bee paid out of aother compay s taxed icome), although, as we will see later, they ca have a impact o the rate of tax applied. a d j u s t i g e x p e d i t u r e We will oly eed to adjust for ay expediture accouted for i the fiacial accouts profit if it is ot allowable. We do this by addig it back to the fiacial accouts profit. Expediture that is allowable ca be left uadjusted i the accouts. Although this may seem obvious, it is easy to get cofused. The geeral rule for expediture to be allowable i a tradig icome computatio is that it must be: reveue rather tha capital i ature, ad wholly ad exclusively for the purpose of the trade Although we will look at how to deal with various specific types of expediture shortly, these rules are fudametal, ad should always be used to guide you i the absece of more precise iformatio. This part of the uit will require a good deal of study, sice it is quite complex, ad the rules ad examples that follow will eed to be remembered. The best way to approach this is to cotiually revise the topic ad practice lots of examples. e x p e d i t u r e t h a t i s o t a l l o w a b l e The followig are examples of expediture that is ot allowable, ad therefore require adjustmet. Some clearly follow the rules outlied above, while others may have arise from specific regulatios, or court cases formig precedets (case law).
6 c o r p o r a t i o t a x t r a d i g p r o f i t s 2. 7 ay capital expediture This follows the ormal fiacial accoutig use of the term, to mea expediture o assets that will have a value to the busiess over several accoutig periods. Capital expediture icludes expediture to improve o-curret assets, ad istallatio costs ad legal expeses i coectio with acquirig o-curret assets. depreciatio of o-curret assets This is because capital allowaces are allowable istead, as HM Reveue & Customs alterative to depreciatio, as we will see i the ext chapter. Eve where there are o capital allowaces available, depreciatio is still ot allowed. Other items which are similar to depreciatio (eg amortisatio of certai assets, ad losses o disposal of o-curret assets) are also ot allowable. part of lease retal paymets for high emissio cars Whe a car with a emissio level of more tha 130g/km of CO2 is leased for over 45 days through a operatig lease, 15% of the lease retal paymet is disallowed, leavig a allowable expediture of 85% of the paymet. If the car has emissio levels lower tha this the all of the lease retal paymet is allowable. etertaiig expediture This relates to busiess etertaiig of customers or suppliers. Etertaiig of the busiesses ow staff is however allowable (see page 2.9). gifts to customers Virtually all gifts made to customers are ot allowable. There is a exceptio for some low-value items, as we will see shortly. icreases i geeral bad debt provisios Ay such icrease (that is debited to the icome statemet) must be added back i the computatio, ad decreases i geeral provisios adjusted for by deductig from profits. A geeral provisio could be based o a lump sum, or a percetage of total trade receivables (debtors). Icreases i specific provisios ad the actual write-off of bad debts are however allowable. Where accouts have bee prepared usig impairmet as a meas of calculatig the bad debt provisio, the provisio will be treated i the same way as a specific bad debt provisio. This applies as log as objective evidece was used to calculate the amout of impairmet. This situatio could arise if, for example, the accouts are prepared uder Iteratioal Accoutig Stadards. See also the additioal ote o page 2.9. charitable paymets These items ca be deducted from the total profits of the compay i the taxable total profits (TTP) calculatio as Gift Aid paymets. Where this occurs the expediture caot also be deducted i the
7 2. 8 b u s i e s s t a x ( F i a c e A c t ) t u t o r i a l calculatio of tradig profits. We will look a little more closely at gift aid paymets i Chapter 5. fies for law breakig Fies imposed o the compay itself for lawbreakig (e.g. for breaches of health & safety legislatio) are ot allowable, or are the associated legal costs. The costs of tax appeals are also ot allowable. Fies for mior motorig offeces icurred by employees whilst o busiess are allowable, but ot if the employee is a Director of the compay. certai legal expeses Legal expeses icurred o formig a compay or acquirig ew leases (both log ad short leases). illegal paymets For example bribes, or paymets made i respose to threats. doatios to political parties These are ot for the purpose of the trade ad so are ot allowable. writig off o-trade loas For example, loas to employees or directors (uless they were icurred i the ormal course of trade). divideds payable The paymet of divideds is ot a allowable expese. However if these occur i the accouts after the et profit that we have used as the startig poit for our calculatio, there will be o eed for a adjustmet. Corporatio Tax Logically, the tax paymet itself is ot tax deductible! e x p e d i t u r e t h a t i s a l l o w a b l e As already stated, reveue expediture that is wholly ad exclusively for the purpose of the trade is allowable. We will ow list some illustrative examples, a few of which were referred to above. ormal cost of sales ormal busiess expediture, for example: - distributio costs - admiistratio - salaries ad wages, ad employers NIC - ret, rates ad isurace - repairs - advertisig - busiess travel ad subsistece - accoutacy services - research & developmet expediture
8 c o r p o r a t i o t a x t r a d i g p r o f i t s 2. 9 specifically allowable expediture: - operatig lease retal paymets for cars with emissio levels of 130g/km or less - legal expeses o reewig (but ot acquirig) a short (ie 50 years or shorter) lease - iterest payable o trade loas - staff etertaiig (eg staff Christmas parties) - trade bad debts writte off (ote, however, that writig off of a loa to a employee is ot allowable, sice it is ot a trade item) - icreases i specific provisios for trade bad debts ad impairmet provisios based o objective evidece (see ote below). Specific provisios are those based o amed debtors - gifts to customers that cotai a cospicuous advertisemet, costig up to 50 per recipiet per year this however does ot apply to food, drik, tobacco or gift vouchers, gifts of which ca ever be allowable allowable examples would iclude caledars ad diaries - gifts of tradig stock to educatioal establishmets, charities or registered amateur sports clubs - employees parkig fies icurred while o busiess, but ot those of directors capital allowaces We will see how to calculate capital allowaces i the ext chapter. I the exercises i this chapter we will use capital allowace figures that have already bee calculated. Because capital allowaces will ot be recorded i the fiacial accouts, they will be deducted as a separate item i the adjustmet to the accouts. o t e r e g a r d i g t r a d e b a d d e b t s a d p r o v i s i o s Whereas a sum writte off a trade debt or a icrease i a specific provisio is allowable, ay recovery of amouts previously writte off ad ay decrease i specific provisios is taxable, ad o adjustmet is eeded. This ca be a cofusig area. The followig table summarises the positio: Expediture Treatmet Actio Trade Bad Debts Writte Off Allowable No adjustmet Icreases i Specific Bad Debt Provisios Allowable No adjustmet Icreases i Geeral Bad Debt Provisios Not allowable Add back Icome Treatmet Actio Trade Bad Debts Recovered Taxable No adjustmet Decreases i Specific Bad Debt Provisios Taxable No adjustmet Decreases i Geeral Bad Debt Provisios Not taxable Deduct
9 b u s i e s s t a x ( F i a c e A c t ) t u t o r i a l Case Study T R A D I N G A L O U D L I M I T E D : A D J U S T I N G T H E P R O F I T Tradig Aloud Limited is a compay that specialises i sellig acoustic equipmet. The uadjusted icome statemet for the year eded 31/3/2015 is as follows: Notes Sales 900,000 less cost of sales 530,000 Gross profit 370,000 Retal icome 120,000 Divideds received 140, ,000 less expeses: Salaries ad wages (1) 95,400 Depreciatio 51,000 Directors fees 45,000 Admiistratio expeses 17,600 Advertisig (2) 12,600 Travel ad etertaiig (3) 19,500 Bad debts ad provisios (4) 21, ,750 Net Profit 367,250 Notes: (1) Salaries ad wages icludes 4,350 employers NIC. (2) Advertisig icludes: (a) gifts of food hampers to 70 customers 3,250 (b) gifts of 100 mouse-mats with compay logos 500 (3) Travel ad etertaiig is made up as follows: Employees travel expeses 7,400 Employees subsistece allowaces 5,450 Etertaiig customers 6,650 19,500 (4) Bad debts ad provisios is made up of: Trade bad debts writte off 13,400 Icrease i geeral bad debt provisio 5,000 Icrease i specific bad debt provisio 3,250 21,650 Capital allowaces for the period have bee calculated at 15,000.
10 c o r p o r a t i o t a x t r a d i g p r o f i t s r e q u i r e d Adjust the et profit show to arrive at the tradig icome assessmet for Corporatio Tax purposes. s o l u t i o The computatio is show here with otes that explai the ratioale behid each adjustmet ad allowed item. Items that are to be deducted are show i the left-had colum, ad those to be added kept i the mai (right-had) colum for clarity. Net Profit per accouts 367,250 Add Back: Expediture that is show i the accouts but is ot allowable Depreciatio 51,000 Food Hampers 3,250 Etertaiig Customers 6,650 Icrease i Geeral Bad Debt Provisio 5, ,150 Deduct: Icome ot taxable as tradig icome Retal Icome 120,000 Divideds Received 140,000 Capital Allowaces 15,000 (275,000) Tradig Icome Assessmet 158,150 Notes: The sales ad cost of sales appear to be ormal tradig items. The retal icome will be brought ito the mai Corporatio Tax computatio as property icome. The divideds received are ot subject to Corporatio Tax. Salaries ad Wages (icludig employers NIC) are allowable. Depreciatio is ever allowable. Director s fees are treated i the same way as other staff salaries. Admiistratio expeses appear to be wholly ad exclusively for the trade. The advertisig costs are allowable, icludig the mouse-mats that fall uder the provisio regardig items uder 50 per perso. The hampers caot be covered by this rule as they cotai food. Employees travel ad subsistece costs are allowable, but etertaiig customers is ever allowable. Chages i geeral provisios for bad debts must always be adjusted for, but specific provisio icreases ad bad debts writte off are allowable. The capital allowace figure is show here as a fial deductio i arrivig at the assessable tradig icome.
11 b u s i e s s t a x ( F i a c e A c t ) t u t o r i a l w o r k i g f r o m p u b l i s h e d a c c o u t s The priciple of adjustig profits for tax purposes is the same whe usig a published versio of fiacial accouts. The oly issue that requires extra care is the choice of profit figure as a startig poit from the rage of figures available. It makes sese to use the profit figure that will require the least umber of adjustmets. The best profit figure to use will therefore be profit before tax so that this item will ot eed further adjustmet. We will ow use a Case Study to illustrate this procedure. Sice you will probably be familiar with the Iteratioal Accoutig Stadards (IAS) format, we will use it here. Case Study F O R M AT C O M PA N Y L I M I T E D : A D J U S T I N G P U B L I S H E D A C C O U N T S The published accouts of Format Compay Limited uder IAS for the year eded 31 March 2015 are show below, together with otes that provide some aalysis of the summarised data. Capital allowaces have already bee calculated, ad amout to 86, Reveue 963 Cost of Sales (541) Gross Profit 422 Other Icome 390 Distributio Costs (56) Admiistrative Expeses (123) Fiace Costs (24) Profit before Tax 609 Tax (150) Profit for the Year 459
12 c o r p o r a t i o t a x t r a d i g p r o f i t s Notes: Cost of Sales icludes depreciatio of 140,000 Admiistrative Expeses iclude the followig: - Icrease i Bad Debt Provisio due to impairmet calculatio based o objective evidece 7,700 - Etertaiig Customers 9,600 Other Icome cosists of: - Retal Icome 220,000 - Iterest Received from Ivestmets 60,000 - Profit o Sale of No-curret Assets 95,000 - Divideds Received 15,000 Fiace Costs relates to bak overdraft iterest. r e q u i r e d Calculate the tradig icome as adjusted for tax purposes. s o l u t i o We will start our computatio with the Profit before Tax sice the item that follows that figure is ot allowable, whereas the items that precede it could be a mixture of allowable ad o-allowable. Profit before Tax 609,000 Add Back: Expediture that is show i the accouts but is ot allowable Depreciatio 140,000 Etertaiig Customers 9, ,600 Deduct: Icome that is ot taxable as tradig icome Retal Icome 220,000 Iterest Received from Ivestmets 60,000 Profit o Sale of No-curret Assets 95,000 Divideds Received 15,000 Capital Allowaces 86,400 (476,400) Tradig Icome Assessmet 282,200
13 b u s i e s s t a x ( F i a c e A c t ) t u t o r i a l D E A L I N G W I T H A C C O U N T S F O R L O N G P E R I O D S I Chapter Oe we saw that a chargeable accoutig period (CAP the period that we must use for Corporatio Tax purposes) is the same as the period that the accouts have bee prepared for, but oly if that period is for 12 moths or less. Where the compay produces its fiacial accouts for a period exceedig 12 moths, this will be divided ito two CAPs (ad require two Corporatio Tax computatios): oe CAP for the first 12 moths of the fiacial accoutig period ad oe CAP for the balace of the fiacial accoutig period For example, if a compay produces fiacial accouts for the 18 moth period 1/7/2013 to 31/12/2014, there will be two CAPs: a 12 moth CAP: 1/7/2013 to 30/6/2014, ad a 6 moth CAP: 1/7/2014 to 31/12/2014 The mechaism for dealig with the two Corporatio Tax computatios for these periods is: the fiacial accouts for the log period are adjusted i oe operatio, with the exceptio of the capital allowaces deductio the adjusted profits (before the deductio of ay capital allowace) are the time-apportioed ito the two CAPs capital allowaces are calculated separately for each CAP (as we will see i the ext chapter) each CAP s adjusted tradig profit is the fialised by deductig the capital allowaces that have bee calculated for the specific period We will ow use a Case Study to illustrate this priciple. Case Study T H Y M E L I M I T E D : A C C O U N T S F O R A L O N G P E R I O D Thyme Limited is chagig its accoutig dates, ad to accommodate this has produced oe log set of fiacial accouts, from 1/10/2013 to 31/3/2015. Capital allowaces have already bee calculated for each of the two CAPs as follows: CAP 1/10/2013 to 30/9/ ,000 CAP 1/10/2014 to 31/3/2015 6,000 The fiacial accouts for the 18 moths to 31/3/2015 are as follows:
14 c o r p o r a t i o t a x t r a d i g p r o f i t s Sales 237,000 less cost of sales 103,000 Gross profit 134,000 less expeses: Salaries ad wages 43,500 Ret, rates, ad isurace 8,700 Depreciatio etc 11,000 Sellig expeses 15,780 Geeral expeses 15,630 Bad Debts 19, ,010 Net Profit 19,990 The followig iformatio is also provided: salaries ad wages relate to the two directors, who are the oly employees depreciatio etc is made up as follows: - Depreciatio 35,000 - Loss o sale of motors 9,500 - Profit o sale of buildig ( 33,500) sellig expeses iclude: - Etertaiig customers 4,700 - Gifts of wie to customers 1,900 - Gifts of caledars to customers 500 ( 10 each, with compay advert) geeral expeses iclude accoutacy fees of 2,800 bad debts are made up of: - Icrease i specific provisio 8,000 - Bad debts writte off 23,600 - Bad debts recovered ( 12,200) r e q u i r e d 1 Adjust the fiacial accouts for the 18-moth period, before deductio of capital allowaces. 2 Time-apportio the adjusted profit figure ito CAPs. 3 Calculate the tradig icome assessmet for each CAP.
15 b u s i e s s t a x ( F i a c e A c t ) t u t o r i a l s o l u t i o 1 Net Profit for 18-moth period per accouts 19,990 Add back o-allowable expediture: Depreciatio 35,000 Loss o sale of motors 9,500 Etertaiig customers 4,700 Gifts of wie 1,900 71,090 Deduct icome that is ot taxable as tradig icome Profit o sale of buildig 33,500 (33,500) Adjusted profit before capital allowaces 37,590 Notes: The profit o the sale of the buildig is ot taxable as tradig icome, ad is therefore deducted. A alterative approach would be to add back the et 11,000 that relates to the three items uder the headig of depreciatio. The caledars are allowable uder the gift rules. All the items uder the bad debts headig are allowable/taxable, ad therefore do ot require adjustmet. 2 The adjusted profit for the 18-moth period is time-apportioed as follows: CAP 1/10/2013 to 30/9/ ,590 x 12/18 = 25,060 CAP 1/10/2014 to 31/3/ ,590 x 6/18 = 12,530 3 Capital allowaces are the deducted from the adjusted profit for each CAP: 1/10/13 30/9/14 1/10/14 31/3/15 Adjusted profit 25,060 12,530 Capital allowaces 15,000 6,000 Tradig Icome 10,060 6,530
16 c o r p o r a t i o t a x t r a d i g p r o f i t s D E A L I N G W I T H T R A D E L O S S E S If, oce profits have bee tax-adjusted ad ay capital allowaces deducted, the result is a mius figure, a tradig loss will have arise. This will have two implicatios: the tradig icome assessmet for the chargeable accoutig period will be zero (ot the egative profit figure) the amout of the egative profit figure will form the tradig loss, ad the compay ca choose how to deal with it How does oe deal with this situatio? The optios are as follows: 1 The tradig loss ca be carried forward to reduce tradig icome from the same trade i the future. If this optio is chose the loss must be used up as quickly as possible. If the followig year s profit from the same trade is less tha the loss, the that profit will be reduced to il ad the balace of the loss carried o forward. This will occur as may times as is ecessary to offset the whole loss. 2 The tradig loss ca be used to reduce (or elimiate) all of the taxable total profits (TTP before Gift Aid deductio) i the same CAP that the loss arose. This set off would be agaist all taxable ivestmet icome ad chargeable gais for the period, before deductig Gift Aid paymets. 3 Oly if optio (2) above is chose, the loss ca the be carried back agaist the taxable total profits (TTP before Gift Aid deductio) of the CAP i the 12 moths immediately before the oe i which the loss occurred. If there were two CAPs partly fallig ito that 12-moth period, the both could be used. The diagram o the ext page illustrates these optios, usig as a example a compay makig up accouts to the 31 December each year. A loss arises i the year eded 31/12/2014. We will discuss Gift Aid i more detail i Chapter 5.
17 b u s i e s s t a x ( F i a c e A c t ) t u t o r i a l oe year before loss CAP loss is icurred Future CAPs year eded 31/12/2013 year eded 31/12/2014 year eded 31/12/2015 Tradig Profit Tradig Profit = Nil Tradig Profit Profit from Ivestmets Profit from Ivestmets Profit from Ivestmets Chargeable Gais Chargeable Gais Chargeable Gais = = = TTP before Gift Aid TTP before Gift Aid TTP before Gift Aid deductios deductios deductios Gift Aid Gift Aid Gift Aid = TTP = TTP = TTP TRADING LOSS SET OFF OPTIONS Where optio (2) has bee used, or optio (2) followed by optio (3), ad the whole loss has still ot bee offset, ay balace will follow optio (1). We ca ow revise our diagram (see page 2.3) illustratig the Corporatio Tax Computatio procedures to icorporate possible tradig loss set off. The dark boxes are additios to the diagram. C o r p o r a t i o T a x c o m p u t a t i o s t e p - b y - s t e p p r o c e d u r e s adjust tradig profits calculate capital allowaces calculate gais o idividual disposals idetify profits from ivestmets idetify Gift Aid paymets combie to form tradig icome assessmet deduct deduct ay ay brought brought forward forward trade trade losses losses combie to form chargeable gais total idetify ay trade losses for curret year or carried back from ext year combie to form taxable total profits (TTP) idetify Corporatio Tax rates based o fiacial year(s) ad Augmeted Profits level calculate Corporatio Tax liability based o taxable total profits
18 c o r p o r a t i o t a x t r a d i g p r o f i t s We will ow use a Case Study to illustrate these optios. We will also retur to this topic i later chapters whe we have studied the build-up of the taxable total profits (TTP) i more detail. Case Study D O W N S E A PA N S L I M I T E D : T R A D I N G L O S S O P T I O N S Dowsea Pas Limited has the followig tax-adjusted results for the three chargeable accoutig periods to 31/12/2015. CAP year eded 31/12/13 year eded 31/12/14 year eded 31/12/ Tradig Profit/(Loss) 120 (150) 160 Profits from ivestmets Chargeable gais The compay did ot make ay Gift Aid paymets. r e q u i r e d State the optios available for offsettig the 150,000 tradig loss icurred i the CAP year eded 31/12/2014. Demostrate the effects o the relevat taxable total profits (TTP) figures by showig Corporatio Tax computatio extracts. s o l u t i o We will show the optios oe by oe, but with all the three years details show i columar form for referece. Optio Oe The tradig loss could be carried forward ad set agaist the tradig icome of y/e 31/12/2015. Sice this profit is larger tha the loss, the whole loss could be offset i this way. The Corporatio Tax computatio extract for y/e 31/12/2015 would be affected, ad the three years would look as follows: y/e 31/12/13 y/e 31/12/14 y/e 31/12/ Tradig Icome less loss relief (150) 10 Profits from Ivestmets Chargeable Gais TTP
19 b u s i e s s t a x ( F i a c e A c t ) t u t o r i a l Optio Two The tradig loss could be set agaist the other profits ad chargeable gais of the CAP y/e 31/12/2014 (the CAP i which the loss was icurred). Due to the size of the loss this will ot be sufficiet to offset the whole loss. The balace of the loss could the be carried back to the CAP y/e 31/12/2013 ad set agaist the TTP i that period as well. This would give the followig Corporatio Tax computatio extracts: y/e 31/12/13 y/e 31/12/14 y/e 31/12/ Tradig Icome Profits from Ivestmets Chargeable Gais less loss relief first set off (65) secod set off (85) TTP Note that the loss ca oly be carried back after the curret year set-off has bee carried out to its full extet. Optio Three Followig the curret year set-off as i optio two, the previous year TTP eed ot be utilised. I that case the balace of the loss would be carried forward uder S393(1) agaist the tradig icome oly of y/e 31/12/2015. This would give the followig figures for the three years. y/e 31/12/13 y/e 31/12/14 y/e 31/12/ Tradig Icome less loss relief (85) 75 Profits from Ivestmets Chargeable Gais less loss relief (65) TTP The actual choice of optio would deped o factors such as the tax rates that would apply to the levels of TTP i each year. We will examie this issue i Chapter 5.
20 c o r p o r a t i o t a x t r a d i g p r o f i t s Chapter Summary The taxable total profits (TTP) iclude tradig icome, profits from ivestmets, ad chargeable gais. To arrive at the tradig icome, the profits based o the fiacial accouts must be adjusted, ad capital allowaces calculated ad deducted from the adjusted profit figure. To adjust the profit based o the fiacial accouts, ay icome show i the accouts that is ot taxable as tradig icome is deducted, ad ay expediture that is ot allowable is added. The capital allowaces that will have bee calculated separately are the deducted to arrive at the assessable tradig icome. To be allowable, expediture must be reveue (ot capital), ad wholly ad exclusively for the purpose of the trade. There are also detailed rules about whether certai items of expediture are allowable. Where the fiacial accouts are prepared for a period exceedig twelve moths, the period will form two chargeable accoutig periods. Oe CAP will be for the first twelve moths, ad the other for the balace of the fiacial accoutig period. To deal with this situatio, the fiacial accouts are adjusted as a whole, apart from the capital allowaces. The adjusted profit is the time-apportioed ito the two CAPs, ad separate capital allowace figures deducted from each to form two tradig icome assessmets. Where the adjusted tradig profits (after capital allowaces) result i a egative figure, the tradig icome assessmet is zero, ad a tradig loss is formed that ca be relieved i several ways. It may be carried forward ad set off agaist the first available profits of the same trade. It may alteratively be set agaist the taxable total profits (TTP before ay Gift Aid deductios) of the CAP i which the loss was icurred. Where this happes ad ot all the loss is used up, the balace ca be carried back agaist the taxable total profits (TTP before ay Gift Aid deductios) arisig i the precedig twelve moths.
21 b u s i e s s t a x ( F i a c e A c t ) t u t o r i a l Key Terms Taxable Total Profits (TTP) the figure used as the basis for calculatio of Corporatio Tax for a limited compay. It icludes tradig profits, profits from ivestmets, ad chargeable gais. It is calculated for each chargeable accoutig period (CAP) that the compay operates i Chargeable Accoutig Period (CAP) the period for which the taxable total profit (TTP) must be calculated. It is the same as the period for which the compay produces fiacial accouts, uless that period is for more tha twelve moths. I that case the fiacial accoutig period is divided ito two CAPs Adjusted Tradig Profits the tradig profits that have bee adjusted for tax purposes by excludig icome ot taxable as tradig icome, ad o-allowable expediture Tradig Icome Assessmet the taxable tradig profits for the CAP. It is made up of adjusted tradig profits, after deductig ay capital allowaces Tradig Loss This occurs whe the adjusted tradig profits after deductig capital allowaces produces a egative figure. The egative figure is the tradig loss, whilst the tradig icome assessmet is zero. Loss Relief the offsettig of the tradig loss agaist profits, accordig to legislatio. This may be agaist future profits from the same trade, or agaist certai taxable total profits (TTP)
22 c o r p o r a t i o t a x t r a d i g p r o f i t s Activities 2.1 The umbered items listed below appear i a icome statemet (before the et profit figure). If you are adjustig the tradig profit for tax purposes, state whether each item should be: added to the et profit deducted from the et profit igored for adjustmet purposes 1 accoutacy fees payable 2 amortisatio of lease 3 o trade iterest received 4 divideds received 5 employees travel expeses payable 6 gai o sale of o-curret asset 7 decrease i specific provisio for bad debts 8 gifts of cigars (with compay adverts) to customers, costig 40 per recipiet. 9 icrease i geeral bad debt provisio 10 doatio to political party 11 employers Natioal Isurace cotributios 12 charitable doatio uder the Gift Aid scheme 2.2 Ahoy Tradig Limited is a compay that specialises i sellig yachtig equipmet. The uadjusted icome statemet for the accoutig year is as follows: Sales 500,000 less cost of sales 220,000 Gross profit 280,000 Iterest received 20,000 Divideds received 70, ,000
23 b u s i e s s t a x ( F i a c e A c t ) t u t o r i a l less expeses: Salaries ad wages 99,000 Depreciatio 42,000 Loss o sale of o-curret assets 5,000 Admiistratio expeses 19,600 Advertisig 18,000 Iterest payable 22,000 Travel ad etertaiig 19,100 Bad debts ad provisios 15, ,700 Net Profit 130,300 Notes: Admiistratio icludes 350 employees parkig fies icurred while o compay busiess. Advertisig icludes: - gifts of chocolates with compay logos to 100 top customers 4,900 - gifts of sailig books with compay logos to 200 other customers 5,000 Travel ad etertaiig is made up as follows: - Employees travel expeses 3,400 - Employees subsistece allowaces 5,600 - Etertaiig customers 6,000 - Etertaiig staff at Christmas 4,100 19,100 Bad debts ad provisios is made up of: - Trade bad debts writte off 18,400 - Decrease i geeral bad debt provisio (5,000) - Icrease i specific bad debt provisio 1,600 15,000 Capital allowaces for the period have bee calculated at 23,000. Required: Adjust the et profit show to arrive at the tradig icome assessmet for Corporatio Tax purposes.
24 c o r p o r a t i o t a x t r a d i g p r o f i t s All I Need Tradig Limited has a uadjusted icome statemet for the accoutig year as follows: Sales 770,000 less cost of sales 420,000 Gross profit 350,000 Iterest received 40,000 Gais o disposal of o-curret assets 50,000 Retal icome received 60, ,000 less expeses: Discouts allowed 10,000 Salaries ad wages 80,500 Depreciatio 51,000 Bad debts writte off 12,000 Rates ad isurace 12,500 Postage ad statioery 11,050 Admiistratio expeses 12,600 Advertisig 14,000 Travel ad etertaiig 19, ,400 Net Profit 276,600 Notes: Admiistratio icludes 2,000 directors speedig fies icurred while o compay busiess. Advertisig cosists of: - gifts of CDs with compay logos to 1000 customers 9,000 - gifts vouchers with compay logos to 200 other customers 5,000 Travel ad etertaiig is made up as follows: Employees travel expeses 6,400 Employees subsistece allowaces 5,600 Etertaiig customers 4,000 Etertaiig staff o compay trip to races 3,750 19,750 Capital allowaces for the period have bee calculated at 31,500. Required: Adjust the et profit show to arrive at the tradig icome assessmet for Corporatio Tax purposes.
25 b u s i e s s t a x ( F i a c e A c t ) t u t o r i a l 2.4 Mit Limited is chagig its accoutig dates, ad to accommodate this has produced a set of fiacial accouts over a exteded period, from 1/12/2013 to 31/3/2015. Capital allowaces have already bee calculated for each of the two CAPs as follows: CAP 1/12/2013 to 30/11/2014 8,000 CAP 1/12/2014 to 31/3/2015 2,500 The fiacial accouts for the 16 moths to 31/3/2015 are as follows: Sales 293,000 less cost of sales 155,000 Gross profit 138,000 add: Bad debts recovered 3,100 Discouts received 2, ,100 less expeses: Salaries ad wages 68,500 Ret, rates, ad isurace 9,200 Depreciatio etc 10,000 Geeral expeses 15,630 Iterest payable 8,300 Bad debts writte off 12,400 Sellig expeses 15, ,030 Net Profit 4,070 The followig iformatio is also provided: depreciatio etc is made up as follows: Depreciatio 45,000 Loss o sale of computer 19,500 Profit o sale of Buildig 54,500 geeral expeses iclude debt recovery fees of 800 sellig expeses iclude: Etertaiig customers 1,930 Gifts of diaries to customers 600 ( 6 each, with compay advert) Required: Adjust the fiacial accouts for the 16-moth period, before deductio of capital allowaces. Time-apportio the adjusted profit figure ito CAPs. Calculate the tradig icome assessmet for each CAP.
26 c o r p o r a t i o t a x t r a d i g p r o f i t s The published accouts of Doormat Compay Limited for the year eded 31 March 2015 are show below, together with otes that provide some aalysis of the summarised data. Capital allowaces have already bee calculated, ad amout to 153, Reveue 743 Cost of Sales (302) Gross Profit 441 Other Icome 290 Distributio Costs (144) Admiistrative Expeses (243) Fiace Costs (50) Profit before Tax 294 Tax (71) Profit for the Year 223 Notes: Cost of Sales icludes depreciatio of 20,000 Admiistrative Expeses iclude the followig: Loa to employee writte off 8,000 Icrease i Specific Bad Debt Provisio 2,800 Icrease I Geeral Bad Debt Provisio 7,700 Etertaiig Customers 9,100 Other Icome cosists of: Retal Icome 200,000 Discouts received from trade suppliers 12,000 Iterest Received from Ivestmets 30,000 Profit o Sale of No-curret Assets 33,000 Divideds Received 15,000 Fiace Costs relates to bak overdraft iterest. Required: Calculate the tradig icome assessable figure as adjusted for tax purposes, ad the amout of ay tradig loss. State how the tradig loss could be relieved without carryig it forward to future periods. 2.6 State whether the followig statemets are true or false: 4 (a) (b) (c) (d) Expediture o purchasig a secod had va is a example of reveue expediture Expediture o purchasig a ew va is a example of capital expediture If a compay wishes to carry a loss forward, the it ca oly set it off agaist tradig profits from the same trade A compay ca opt to set a trade loss agaist the taxable total profits (TTP) of the year before the loss whether or ot it has first set the loss agaist the taxable total profits (TTP) relatig to the year of the loss
6 Statemet of cash flows this chapter covers... I this chapter we study the statemet of cash flows, which liks profit from the statemet of profit or loss ad other comprehesive icome with chages i assets
Iformatio about Bakruptcy Isolvecy Service of Irelad Seirbhís Dócmhaieachta a héirea Isolvecy Service of Irelad Seirbhís Dócmhaieachta a héirea What is the? The Isolvecy Service of Irelad () is a idepedet
1/5 The Frech Govermet has three objectives : > improve Frace s fiscal competitiveess > cosolidate R&D activities > make Frace a attractive coutry for iovatio Tax icetives have become a key elemet of public
PENSION ANNUITY Policy Coditios Documet referece: PPAS1(7) This is a importat documet. Please keep it i a safe place. Pesio Auity Policy Coditios Welcome to LV=, ad thak you for choosig our Pesio Auity.
INVESTMENT PEFOMANCE COUNCIL (IPC) INVITATION TO COMMENT: Global Ivestmet Performace Stadards (GIPS ) Guidace Statemet o Calculatio Methodology The Associatio for Ivestmet Maagemet ad esearch (AIM) seeks
How to use what you OWN to reduce what you OWE Maulife Oe A Overview Most Caadias maage their fiaces by doig two thigs: 1. Depositig their icome ad other short-term assets ito chequig ad savigs accouts.
IFSL Brooks Macdoald Fud Stocks & Shares ISA Trasfer Applicatio Form IFSL Brooks Macdoald Fud Stocks & Shares ISA Trasfer Applicatio Form Please complete usig BLOCK CAPITALS ad retur the completed form
60 Baltimore Couty Public Schools offers you several ways to begi savig moey through payroll deductios. Defied Beefit Pesio Pla Tax Sheltered Auities ad Custodial Accouts Defied Beefit Pesio Pla Did you
Questio 1: What is a ordiary auity? Let s look at a ordiary auity that is certai ad simple. By this, we mea a auity over a fixed term whose paymet period matches the iterest coversio period. Additioally,
Adoptio Date: 4 March 2004 Effective Date: 1 Jue 2004 Retroactive Applicatio: No Public Commet Period: Aug Nov 2002 INVESTMENT PERFORMANCE COUNCIL (IPC) Preface Guidace Statemet o Calculatio Methodology
Pre-Suit Collectio Strategies Writte by Charles PT Phoeix How to Decide Whether to Pursue Collectio Calculatig the Value of Collectio As with ay busiess litigatio, all factors associated with the process
CHAPTER 11 Fiacial mathematics I this chapter you will: Calculate iterest usig the simple iterest formula ( ) Use the simple iterest formula to calculate the pricipal (P) Use the simple iterest formula
Ivestor BulletI How to read A Mutual Fud shareholder report The SEC s Office of Ivestor Educatio ad Advocacy is issuig this Ivestor Bulleti to educate idividual ivestors about mutual fud shareholder reports.
FM4 CREDIT AND BORROWING Whe you purchase big ticket items such as cars, boats, televisios ad the like, retailers ad fiacial istitutios have various terms ad coditios that are implemeted for the cosumer
PFF2 2015/16 Assessmet of Fiacial Circumstaces For parets ad parters of studets SFE/PFF2/1516/B /SF_Eglad /SFEglad Who should complete this form? Complete this form if you are: The studet s atural or adoptive
March 2008 Pesios Legal Alert Amedmets to employer debt Regulatios The Govermet has at last issued Regulatios which will amed the law as to employer debts uder s75 Pesios Act 1995. The amedig Regulatios
Tax Briefig ISSUE 11 - July 1993 Itroductio I additio to iformatio provided uder the regular headigs, this issue of Tax Briefig cotais: Prelimiary iformatio regardig the Amesty - see opposite A summary
IFSL Brooks Macdoald Fud Stocks & Shares NISA trasfer applicatio form IFSL Brooks Macdoald Fud Stocks & Shares NISA trasfer applicatio form Please complete usig BLOCK CAPITALS ad retur the completed form
Comparig Credit Card Fiace Charges Comparig Credit Card Fiace Charges Decidig if a particular credit card is right for you ivolves uderstadig what it costs ad what it offers you i retur. To determie how
Ehace Your Fiacial Legacy Variable Auities with Death Beefits from Pacific Life 9/15 20188-15C FOR CALIFORNIA As You Pla for Retiremet, Protect Your Loved Oes A Pacific Life variable auity ca offer three
For customers Key features of the Guarateed Pesio Auity The Fiacial Coduct Authority is a fiacial services regulator. It requires us, Aego, to give you this importat iformatio to help you to decide whether
A Guide to the Pricig Covetios of SFE Iterest Rate Products SFE 30 Day Iterbak Cash Rate Futures Physical 90 Day Bak Bills SFE 90 Day Bak Bill Futures SFE 90 Day Bak Bill Futures Tick Value Calculatios
For customers Icome protectio the facts We ve desiged this documet to give you more iformatio about our icome protectio beefits. It does t form part of ay cotract betwee you ad/or us. This iformatio refers
4 The VAT Retur this chapter covers... This chapter describes how a busiess prepares the VAT Retur the form o which: the output tax ad iput tax for the VAT period are summarised the amout due to (or from)
CHAPTER 7 FI A CIAL MATHEMATICS Page Cotets 7.1 Compoud Value 117 7.2 Compoud Value of a Auity 118 7.3 Sikig Fuds 119 7.4 Preset Value 122 7.5 Preset Value of a Auity 122 7.6 Term Loas ad Amortizatio 123
Idexed Survivor Uiversal Life Aget product guide 15887 7/10 Idexed Survivor Uiversal Life is a flexible premium survivor uiversal life isurace policy with a idex-liked iterest creditig feature. Buildig
New editio Jauary 2009 Are you worried about your mortgage? Get advice ow If you are strugglig to pay your mortgage, or you thik it will be difficult to pay more whe your fixed-rate deal eds, act ow to
BENEIT-CST ANALYSIS iacial ad Ecoomic Appraisal usig Spreadsheets Ch. 2: Ivestmet Appraisal - Priciples Harry Campbell & Richard Brow School of Ecoomics The Uiversity of Queeslad Review of basic cocepts
How To Fid FINANCING For Your Busiess Oe of the most difficult tasks faced by the maagemet team of small busiesses today is fidig adequate fiacig for curret operatios i order to support ew ad ogoig cotracts.
Health Ser vices Admiistratio, LLC HSAs the America Fidelity Way: Kowledge, Experiece, Commitmet With over 30 years experiece i providig pre-tax services, America Fidelity is a pioeer i Sectio 125 flexible
Itroductio to the Time Value of Moey Lecture Outlie I. Why is there the cocept of time value? II. Sigle cash flows over multiple periods III. Groups of cash flows IV. Warigs o doig time value calculatios
Itegrated Productio ad Ivetory Cotrol System MRP ad MRP II Framework of Maufacturig System Ivetory cotrol, productio schedulig, capacity plaig ad fiacial ad busiess decisios i a productio system are iterrelated.
Ivestig i Stocks Ivestig i Stocks Busiesses sell shares of stock to ivestors as a way to raise moey to fiace expasio, pay off debt ad provide operatig capital. Ecoomic coditios: Employmet, iflatio, ivetory
INTRODUCTION TIER WORKING PAPER No. 0 REFURBISHMENTS AND AUGMENTATIONS Workig Paper No. How Water Prices are Set provided a overview of how water prices are set o the basis of lower boud costs. As oted
EVALUATING ALTERNATIVE CAPITAL INVESTMENT PROGRAMS By Ke D. Duft, Extesio Ecoomist I the March 98 issue of this publicatio we reviewed the procedure by which a capital ivestmet project was assessed. The
Preset Value Tax Expediture Estimate of Tax Assistace for Retiremet Savig Tax Policy Brach Departmet of Fiace Jue 30, 1998 2 Preset Value Tax Expediture Estimate of Tax Assistace for Retiremet Savig This
Flexible Trust (Settl as trustee with optioal survivship clause) Your questios aswered Uderstadig trusts ad their implicatios ca be pretty complicated. You should always get advice from your legal adviser
Itroducig Your New Wells Fargo Trust ad Ivestmet Statemet. Your Accout Iformatio Simply Stated. We are pleased to itroduce your ew easy-to-read statemet. It provides a overview of your accout ad a complete
INDEPENDENT BUSINESS PLAN EVENT 2016 The Idepedet Busiess Pla Evet ivolves the developmet of a comprehesive proposal to start a ew busiess. Ay type of busiess may be used. The Idepedet Busiess Pla Evet
Time Value of Moey Basis for the course Power of compoud iterest $3,600 each year ito a 401(k) pla yields $2,390,000 i 40 years First some techical stuff You will use your fiacial calculator i every sigle
Cocept 9: Preset Value Is the value of a dollar received today the same as received a year from today? A dollar today is worth more tha a dollar tomorrow because of iflatio, opportuity cost, ad risk Brigig
MaiStay Fuds IRA/SEP/Roth IRA Distributio Form Do ot use for IRA Trasfers or SIMPLE IRA INSTRUCTIONS Before completig this form, please refer to the applicable Custodial Agreemet ad Disclosure Statemet
Istructios for busiesses ad ivestors PAYG istalmets how to complete your activity statemet For more iformatio visit www.ato.gov.au NAT 7393-11.2012 Our commitmet to you We are committed to providig you
3 Iteral cotrol systems ad fraud this chapter covers... This chapter starts where the last chapter fiished, by dealig with the exteral regulatios that affect accoutig practice. Some of these are required
Computershare Ivestmet Pla A Direct Stock Purchase ad Divided Reivestmet Pla for Best Buy Co., Ic. Commo Stock Best Buy Co., Ic. is listed o the New York Stock Exchage (Tradig Symbol BBY, CUSIP 086516101)
Hadlig the Collectio Calls We do everythig we ca to stop collectio calls; however, i the early part of our represetatio, you ca expect some of these calls to cotiue. We uderstad that the first few moths
ODBC Gettig Started With Sage Timberlie Office ODBC NOTICE This documet ad the Sage Timberlie Office software may be used oly i accordace with the accompayig Sage Timberlie Office Ed User Licese Agreemet.
Grow your busiess with savigs ad debt maagemet solutios A few great reasos to provide bak ad trust products to your cliets You have the expertise to help your cliets get the best rates ad most competitive
Call: 0191 505 0033* Lies are ope betwee 9am to 6pm Moday to Friday (excludig UK bak holidays) Email us: firstname.lastname@example.org** Write to us: High Yield Vaquis Bak, Freepost RSGY-CKJA-BKCS,
Public Procuremet Practice STANDARD The decisio to lease or purchase should be cosidered o a case-by case evaluatio of comparative costs ad other factors. 1 Procuremet should coduct a cost/ beefit aalysis
CDs Bought at a Bak verses CD s Bought from a Brokerage Floyd Vest CDs bought at a bak. CD stads for Certificate of Deposit with the CD origiatig i a FDIC isured bak so that the CD is isured by the Uited
Log-term care rider, available o Natiowide YourLife No-Lapse Guaratee SUL II Feature guide LIFE INSURANCE + LONG-ERM CARE wo people, oe policy. Affordable log-term care coverage for both. NAIONWIDE LIFE
Get More with Additioal Cardholders. Importat iformatio. Add a co-applicat or authorized user to your accout ad you ca take advatage of the followig beefits: RBC Royal Bak Visa Customer Service Cosolidate
4 Workig with umbers this chapter covers... This chapter is a practical guide showig you how to carry out the types of basic calculatio that you are likely to ecouter whe workig i accoutig ad fiace. The
Persoal Retiremet Savigs Accouts (PRSAs) A cosumer ad employers guide to PRSAs www.pesiosauthority.ie The Pesios Authority Verschoyle House 28/30 Lower Mout Street Dubli 2 Tel: (01) 613 1900 Locall: 1890
1 SUMMARY OF COVER CONTRACT WORKS summary of cover CONTRACT WORKS INSURANCE This documet details the cover we ca provide for our commercial or church policyholders whe udertakig buildig or reovatio works.
Audit of Assumptios for the March 2001 Budget REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 304 Sessio 2000 2001: 7 March 2001 Audit of Assumptios for the March 2001 Budget REPORT BY THE COMPTROLLER
About our services ad costs Cotets Whose products do we offer 2 Ivestmet 2 Isurace 2 Mortgages 2 Which services will we provide you with? 3 Ivestmet 3 Isurace 3 Mortgages 3 What will you have to pay us
Valuig Firms i Distress Aswath Damodara http://www.damodara.com Aswath Damodara 1 The Goig Cocer Assumptio Traditioal valuatio techiques are built o the assumptio of a goig cocer, I.e., a firm that has
Simple Auities Preset Value. OBJECTIVES (i) To uderstad the uderlyig priciple of a preset value auity. (ii) To use a CASIO CFX-9850GB PLUS to efficietly compute values associated with preset value auities.
2 Forecastig techiques this chapter covers... I this chapter we will examie some useful forecastig techiques that ca be applied whe budgetig. We start by lookig at the way that samplig ca be used to collect
Outlie Measures of Relatioships Pearso s Correlatio Coefficiet (r) -types of data -scatter plots -measure of directio -measure of stregth Computatio -covariatio of X ad Y -uique variatio i X ad Y -measurig
PCSYBL-F For Educatioal Purposes ly The materials preseted i this course represet the opiios ad views of the developers ad/or reviewers. Although these materials may have bee reviewed, the views ad opiios
CCH Accoutats Starter Pack We may be a bit smaller, but fudametally we re o differet to ay other accoutig practice. Util ow, smaller firms have faced a stark choice: Buy cheaply, kowig that the practice
Determiig the sample size Oe of the most commo questios ay statisticia gets asked is How large a sample size do I eed? Researchers are ofte surprised to fid out that the aswer depeds o a umber of factors
A fool ad his moey are soo parted. Eglish proverb Maagig Your Moey Maagig your persoal fiaces is a complex task i the moder world. If you are like most Americas, you already have a bak accout ad at least
2 Time Value of Moey BASIC CONCEPTS AND FORMULAE 1. Time Value of Moey It meas moey has time value. A rupee today is more valuable tha a rupee a year hece. We use rate of iterest to express the time value
Prelims/The Fiace Maual 28/6/02 11:57 am Page i The Fiace Maual for No-Fiacial Maagers Prelims/The Fiace Maual 28/6/02 11:57 am Page ii About the Authors PAUL MCKOEN is a Fellow of the Chartered Istitute
NATIONAL SENIOR CERTIFICATE GRADE MATHEMATICS P EXEMPLAR 04 MARKS: 50 TIME: 3 hours This questio paper cosists of 8 pages ad iformatio sheet. Please tur over Mathematics/P DBE/04 NSC Grade Eemplar INSTRUCTIONS
tax MIA Professioal Stadards ad Practices Limited Liability Partership ad Busiess Trust The busiess ladscape i Malaysia is set to be irrevocably chaged by two ew modes of busiess structures, amely Limited
How to set up your GMC Olie accout Mai title Itroductio GMC Olie is a secure part of our website that allows you to maage your registratio with us. Over 100,000 doctors already use GMC Olie. We wat every
Electroic Fud Trasfers/ Automated Clearig House Services There s Wealth i Our Approach. A divisio of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC. Electroic Fud Trasfers/Automated Clearig House Services
WILLIS CONSTRUCTION PRACTICE I-BEAM Jauary 2010 www.willis.com RISK TRANSFER FOR DESIGN-BUILD TEAMS Desig-builD work is icreasig each quarter. cosequetly, we are fieldig more iquiries from cliets regardig
TIAA-CREF Wealth Maagemet Persoalized, objective fiacial advice for every stage of life A persoalized team approach for a trusted lifelog relatioship No matter who you are, you ca t be a expert i all aspects
What is a bod? Bod Valuatio I Bod is a I.O.U. Bod is a borrowig agreemet Bod issuers borrow moey from bod holders Bod is a fixed-icome security that typically pays periodic coupo paymets, ad a pricipal
Health ad detal coverage that begis whe your group health beefits ed Uderwritte by The Maufacturers Life Isurace Compay Page 1 of 5 FollowMeTM Health ca be your solutio. Life is full of chages. Some are