Taxation of Sole Traders / Sole Proprietorship (Self Assessment): Finance ACT 2020

[@chisomgeraldine4953]

Thank you sir, please upload the taxation for partnership firm

[@Ezikan]

Noted

[@bukolaadebayo9599]

Weldon Sir for the great Job. Please can you make video of TAXATION OF PARTNERSHIP.

[@Ezikan]

Done

[@bolajiakinola911]

Sir I’m not clear as to why you less profit from sale of vehicle to the tune of 1,200,000. Thank you

[@Ezikan]

Profit from sale of asset is not taxable. That is why It was deducted

[@bolajiakinola911]

@ thank you very much Sir

[@Ezikan]

@bolajiakinola911 Glory be to God

[@ikefranklin]

Thank u sir,but you said Donation is not allowed , so why did u allow the 4.5m ? secondly , why is capital expenditure non allowable expenditure ? when it is WREN to the business operation

[@Ezikan]

Donation to unapproved body is not allowed

[@Ezikan]

Capital expenditure are expenditure that increase the value of an assets (They are non current assets / Fixed assets). They are not revenue expenditure. Only revenue expenditure are allowable.

[@bennet21]

Kindly show how to calculate hotel occupancy & restaurant 5% consumption tax

[@MorakinyoElizabeth-t8x]

Good evening sir. Please why didn’t you less the tax exempts from the income before removing crf in the example? Thank you sir

[@Ezikan]

Dou you have tax exempt items in the question?

[@bolajiakinola911]

Sir I’m not clear as to why you less profit from sale of vehicle to the tune of 1,200,000. Thank you

[@AlongeEsmond]

Please sir, for the loss relief, what is the means to know or determine if a profit is sufficient enough to relieve a loss. For example, is there a percentage limit or what?

[@Ezikan]

If the profit is greater than or equal to the loss, you can relief the entire loss but where loss is greater than the available profit, you will relieve the loss to the extent of the profit available

[@AlongeEsmond]

@@EzikanThank you sir.

[@AlongeEsmond]

Also, is the preceding year's loss a priority to a loss from, say 5yrs ago?

[@OlajumokeOlorundare]

Weldone sir. May God continue to bless you. Sir for calculation of adjusted profit, pls can u explain the WREN with an example so that It can help to know Allowable and non Allowable expense. It confusing most time. Thanks in advance

[@Ezikan]

@OlajumokeOlorundare noted, I will do another video soon

[@janebedford2556]

Sir what will happen to the expenses? The electricity, bank charges and the rest?

[@Ezikan]

Those expenses have been charged in arriving at the net profit figure. Since they are allowable in tax, that mean the formal accounting treatment for them is in line with tax law. So you ignore them to avoid charging them twice

[@avosehiwalewa4611]

Thank you so much sir ❤❤❤❤❤

[@Ezikan]

Thank you

[@Learnwithcy]

Please sir can your make a video of TAXATION OF PARTNERSHIP pls sir🙏🏻🙏🏻🙏🏻

[@Ezikan]

Noted

[@AlongeEsmond]

I commend you sir, you are doing a really great job. May THE ALMIGHTY GOD YHWH bless you abundantly IN JESUS NAME.

[@Ezikan]

Amen

[@chiamakambah5786]

❤

[@fuwapebolutife]

Explicit explanation

[@Ezikan]

Thanks

[@stevemcpherson9017]

Pᵣₒmₒˢᵐ ☺️