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Taxes

Book value

A taxpayer's accounting records reflect the value of their individual assets, which is determined by subtracting any depreciation allowances from the actual cost. This amount is known as the asset's net book value, and it is crucial in understanding the financial standing of a taxpayer. By accurately calculating and recording this value, taxpayers can make informed decisions about their assets and overall financial health. Let's delve deeper into this concept and its significance in the world of finance.

Taxable period

In finance, taxes are imposed over a specific time frame known as the "taxable period". This duration is determined by the government and is crucial for calculating the amoun...

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Self-assessment

In the realm of finance, there exists a system that mandates taxpayers to disclose the basis of their assessment, such as their taxable income. This process also involves su...

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Benefits in kind

One of the fundamental concepts in finance is the notion of non-cash compensation, which encompasses earnings received from employment in forms other than cash. This can inc...

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Other income

In taxation, income that is not explicitly stated in a tax treaty is commonly addressed in a distinct section known as "other income". This category encompasses various type...

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