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HMRC internal manual

Business Income Manual

From
HM Revenue & Customs
Updated
, see all updates

Measuring the profits (general rules): contents

The basic rule for measuring profits is that the profits of a trade are calculated in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law. This section of the guidance covers what is meant by generally accepted accounting practice, rules for adjustments that apply generally to most or all trades and other matters of general application.