The new system for taxing professional businesses: what is meant by 'true and fair view'?
Series: Inland Revenue Tax Bulletin ; (38) December 1998, 606-615(10)Publication details: 1999Subject(s): Summary: Guidance note on the changes introduced by the Finance Act 1998 to the way in which the profits of professional businesses are calculated for tax purposes. Professional practices can no longer compute their profits on a cash or conventional basis but must adopt a basis which gives a 'true and fair view' of profits. Refers to case law and gives examples of calculations.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | ABS61038 (Browse shelf(Opens below)) | 1 | Available | 101592-1001 |
Guidance note on the changes introduced by the Finance Act 1998 to the way in which the profits of professional businesses are calculated for tax purposes. Professional practices can no longer compute their profits on a cash or conventional basis but must adopt a basis which gives a 'true and fair view' of profits. Refers to case law and gives examples of calculations.