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:
“One thing’s sure: Inspector Clay’s dead. Murdered. And somebody’s responsible.”
—Edward D. Wood, Jr. (1922–1978)
“Our civilization has decided ... that determining the guilt or innocence of men is a thing too important to be trusted to trained men.... When it wants a library catalogued, or the solar system discovered, or any trifle of that kind, it uses up its specialists. But when it wishes anything done which is really serious, it collects twelve of the ordinary men standing round. The same thing was done, if I remember right, by the Founder of Christianity.”
—Gilbert Keith Chesterton (1874–1936)
“At the crash of economic collapse of which the rumblings can already be heard, the sleeping soldiers of the proletariat will awake as at the fanfare of the Last Judgment and the corpses of the victims of the struggle will arise and demand an accounting from those who are loaded down with curses.”
—Karl Liebknecht (1871–1919)
“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)