Inspector Determining The Accounting Period
Where it appears to the tax inspector that the beginning or end of any accounting period is uncertain, he may make an assessment on the company for such period, not exceeding 12 months, as appears to him appropriate. In that event, that period is treated for all purposes as an accounting period unless the inspector sees fit to revise it as a result of receiving further facts, or on an appeal against the assessment in respect of some other matter the company shows the true accounting periods. If on an appeal against an assessment made under this rule the company shows the true accounting periods, the assessment appealed against has effect as an assessment or assessments for the true accounting periods, and assessments may be made for any such periods as might have been made at the time when the assessment appealed against was made.
Read more about this topic: Accounting Period (UK Taxation)
Famous quotes containing the words inspector, determining, accounting and/or period:
“Inspector Clouseau: Do I detect something in your voice that says I am in disfavor with you?
Chief Inspector Dreyfus: Yes. I wish you were dead.
Inspector Clouseau: Well, of course, you are entitled to your opinion.”
—Blake Edwards (b. 1922)
“A quality is something capable of being completely embodied. A law never can be embodied in its character as a law except by determining a habit. A quality is how something may or might have been. A law is how an endless future must continue to be.”
—Charles Sanders Peirce (1839–1914)
“I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
—Michel de Montaigne (1533–1592)
“The post-office had a great charm at one period of our lives. When you have lived to my age, you will begin to think letters are never worth going through the rain for.”
—Jane Austen (1775–1817)