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  • 1,500+ Business Documents - Product mix reconstruction
    Product mix reconstructionWhen carrying out a business economics exercise, the tax inspector will often use an industry average mark-up of purchases to selling price to construct a sales figure. But this simple calculation doesn't take into account your business's product mix. Use this template to demonstrate that the inspector's calculations are based on flawed assumptions.Establish your product mixAs most businesses sell more than one item, the first step in challenging an inspector's business economics exercise...
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  • 1,500+ Business Documents - Enquiry - challenging a business economics exercise
    Enquiry - challenging a business economics exercise There can be many reasons for challenging an HMRC business economics exercise, but you must have good grounds for doing so. Are your records deficient?HMRC's business economics exercise approach to increase taxable profits cannot be justified unless the records have been shown to be deficient in some way. An inspector should be able to demonstrate that: (1) There are deficiencies in the records.(2) The results shown by the accounts are not credible.(3) Drawings...
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  • 1,500+ Business Documents - Distributable profits board minute
    Distributable profits board minuteA company can only pay dividends where it has "distributable profits". Broadly this means post-tax profit for the current or previous years which has not been paid to the shareholders. The directors must keep records to show they have considered this.A legal dividendCompany law says that once you've established the availability of distributable profits you can pay a dividend. These come in two types, interim and final. The directors have the power to pay an interim dividend...
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  • 1,500+ Business Documents - Enquiry - business economics exercise letter
    Enquiry - business economics exercise letterYou might feel that the tax demand based on a business economics exercise routine is absolutely outrageous. What measured response should you give?Don't say too muchDuring an enquiry into a tax return there is now a much greater willingness by HMRC to displace the profits shown by your accounts with an estimate based on a simple business economics exercise. Using a written Enquiry - Business Economics Exercise Letter, try to undermine the calculations without showing...
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