Commentary

B2.303A Estimated expenditure

Business tax
Business tax | Commentary

B2.303A Estimated expenditure

Business tax | Commentary

B2.303A Estimated expenditure

The amount of an accrued liability or an allowable provision may sometimes have to be estimated in computing the profits of a trade, which can be deductible provided certain conditions are satisfied (see B2.504). However no deduction may be claimed in respect of an amount of expenditure that is estimated to have been incurred in the course of the trade which is not actually shown to have been so incurred, even if the amount relates to an allowable item. Taxpayers have a statutory duty to maintain proper business records1 and the absence of appropriate evidence to support

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