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Why my accounting profit is different from my taxable profit?

Why is my accounting profit different from my taxable profit. I have just noted the different on my tax return. Accountant left and i cant afford one.

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    admin

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    Thanks for the question.

    Your business’s accounting profit/loss is not necessarily identical to its taxable profit/loss.

    The accounting profit/loss for the year is computed using accounting standards whilst taxable profit is computed in accordance with the applicable tax rules. For example some expenses are not allowable for tax if not incurred wholly and exclusively for business eg client entertainment. Other examples include depreciation, provision against bad debts or accounts receivable, and gains and losses on the realisation and valuation of stocks.

    I will email you with a request for further information should you want to us to help you further.

    Alternatively you use CONTACT US PAGE above or simpy email us on info@uktaxadvisors.com if you have any further comments.

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