Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Henry also runs his own consultancy business, running corporate finance workshops. This year he made profits of 1 8 , 7 0 0 after deducting
Henry also runs his own consultancy business, running corporate finance workshops. This year he made profits of after deducting personal withdrawals of He kept accurate mileage logs and charged in business petrol costs to arrive at this profit, and also deducted the cost of his advertising, which amounted to Other expenses charged to the business were entertaining his corporate clients at a cost of and in parking fines.
Required:
Calculate for Henry the correct profits that he should include on his tax return.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started