Business terms and jargon
explained. Your business dictionary
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 tax man can make a judgement call the best judgement assessment. This is only where there is no eveidence and it is reasonable that the information can not 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. Thier judgement will be in there favour so it is advisable to keep reciepts and invoices.
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