Tax Adjustments for Sole Traders

This assignment covers various aspects of tax adjustments for sole traders. It starts by explaining the concept of trade profits and losses, then delves into specific taxable and non-taxable income sources such as salaries, subscriptions to golf clubs, legal fees for short leases, and training courses. The document also discusses impairments of debts and allowances for debtors, including write-offs of trade debts and non-trade loans to customers or employees. Furthermore, it touches on other adjustments like using a private residence for business purposes, business calls from personal phones, and expenses met from personal funds. The assignment includes example questions, such as determining the amount of leasing costs disallowed due to high CO2 emissions in a car used for business purposes. It emphasizes the importance of accurately calculating trade profits and losses by considering these various tax adjustments.