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Rapid test for income tax

Publication date: 2014-01-04 14:16:01

Quick check of reasonableness of the income tax charge (at Main Rate of corporation tax):

gross result from the profit and loss account,

we adjust permanent differences for the period (permanently non-tax deductible expenses are added and non-taxable income is deducted),

thus we obtain the "nominal taxation base" to be multiplied by "minus 24%",

which generates the tax at nominal rate If the actual tax = tax at the nominal rate, the risk of error is low.

More about income tax responsableness test:
http://24ivalue.com/module/cit/

Find out more:
http://24ivalue.com/pages/elearning/book/4/page/7/

Regards,
Slawomir Ekman
24iValue

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