Application (Pub: 3 Dec 2007)
Income tax is payable on your annual gross income less annual allowable deductions and available net losses. The questions of what expenditure is deductible and when, are of prime importance in determining your tax liability. For most expenditure, the question of deductibility is straight forward, however care needs to be taken (for example, capital expenditure, shareholder salaries, management fees and interest costs).
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