๐๐ฎ๐๐ถ๐ ๐ณ๐ผ๐ฟ ๐ฐ๐ผ๐บ๐ฝ๐๐๐ถ๐ป๐ด ๐ฎ๐๐๐ฒ๐๐๐ฎ๐ฏ๐น๐ฒ ๐ฝ๐ฟ๐ผ๐ณ๐ถ๐๐ ๐ณ๐ผ๐ฟ ๐๐ฟ๐ฎ๐ฑ๐ฒ ๐ผ๐ฟ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐๐ป๐ฑ๐ฒ๐ฟ ๐๐ต๐ฒ ๐ก๐ถ๐ด๐ฒ๐ฟ๐ถ๐ฎ ๐ง๐ฎ๐ ๐๐ฐ๐, ๐ฎ๐ฌ๐ฎ๐ฑ๐ฅ
1๏ธโฃ ๐๐ฒ๐ป๐ฒ๐ฟ๐ฎ๐น ๐๐ฎ๐๐ถ๐ ๐ฅ๐๐น๐ฒ; Profits for each year are those of the accounting period immediately preceding it.
2๏ธโฃ ๐ก๐ฒ๐ ๐๐๐๐ถ๐ป๐ฒ๐๐ ๐ฅ๐๐น๐ฒ: For a first year, profits are assessed from the date of commencement up to the end of the first accounting period. No gaps, no confusion.
3๏ธโฃ ๐๐ต๐ฎ๐ป๐ด๐ฒ ๐ถ๐ป ๐๐ฐ๐ฐ๐ผ๐๐ป๐๐ถ๐ป๐ด ๐๐ฎ๐๐ฒ: When you shift your accounting year, the basis runs from the day after the last period to the new date. You must notify the tax authority within 30 days before the usual filing deadline.
4๏ธโฃ ๐๐ฒ๐๐๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐๐๐๐ถ๐ป๐ฒ๐๐: If operations stop, profits are computed from the beginning of the accounting period up to the cessation date, and tax must be paid within six months.
5๏ธโฃ ๐ฃ๐ผ๐๐-๐๐ฒ๐๐๐ฎ๐๐ถ๐ผ๐ป ๐๐ฑ๐ท๐๐๐๐บ๐ฒ๐ป๐๐: Any receipts or payments after cessation are deemed received before cessation. They must be disclosed within one month, and adjustments can trigger additional assessments or refunds. This also applies to deceased individuals.
6๏ธโฃ ๐๐ผ๐ป๐๐ถ๐ป๐๐ถ๐๐ ๐ผ๐ณ ๐ง๐ฟ๐ฎ๐ฑ๐ฒ: A change in territory or partnership status doesnโt count as starting or ending a business if the trade itself continues unchanged.
#Tax #TaxInsightSeries #TomiTalksTax
If you are writing the ICAN Nov 2025 diet exams, your focus should be on an effective strategy than can guarantee you the minimum pass mark of 50.
There is no diet that ICAN will set questions from all the topics in the ICAN Study pack. So you only need to cover at most 70% of your syllabus to guarantee that you are able to score a minimum of 50 marks.
Get a minimum of 30 marks from Section B, 20 marks from Section C, and as much marks as possible from Section A.
You are have been studying for months.
This is the time to pass.
@Ayo_Mastermind The idea behind the 800k is to exempt minimum wage earners from tax. The 70k annually is 840k, by the time you take into consideration some tax reliefs such as pension and rent relief. Your taxable income will fall within the 800k exemption bracket, so no tax at the end.