{{Orphan, date=April 2022
In the United Kingdomtax system, and more specifically for UK corporation tax purposes, PCTCT stands for "profits chargeable to corporation tax," a UK term for
taxable profit Taxable income refers to the base upon which an income tax system imposes tax. In other words, the income over which the government imposed tax. Generally, it includes some or all items of income and is reduced by expenses and other deductions. Th ...
s.
Since the enactment of 2010's Corporation Tax Act (CTA 2010) in March 2010, the profits of a company of an accounting period on which corporation tax is chargeable has been defined as the company's "taxable total profits" of the period section 4(2) CTA 2010 , which is frequently abbreviated to TTP.
A company's taxable total profits are derived from a company's
profit
Profit may refer to:
Business and law
* Profit (accounting), the difference between the purchase price and the costs of bringing to market
* Profit (economics), normal profit and economic profit
* Profit (real property), a nonpossessory intere ...
as shown in the
profit and loss account
An income statement or profit and loss accountProfessional English in Use - Finance, Cambridge University Press, p. 10 (also referred to as a ''profit and loss statement'' (P&L), ''statement of profit or loss'', ''revenue statement'', ''stateme ...
in its accounts, with the addition of any disallowed expenditure, and the deduction of any expenditure that is allowed for tax purposes but that has not been deducted in the profit and loss account.
Budget
A budget is a calculation play, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmenta ...