Business Terms and Jargon Explained
What is Best Judgement Assessment
When assessing your accounts the tax authorities will not have access to all your details. You may not have all the paper work or required accounts and paperwork. In these circumstances, the taxman can make a judgement call the best judgement assessment. This is only where there is no evidence and it is reasonable that the information cannot be obtained. It is your responsibility to keep account of your records and failing to do so will leave them in a position where they will have to make a judgement. Their judgement will be in their favour so it is advisable to keep receipts and invoices.
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Term created / updated 2006-05-20 07:47:28
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