What does WDA mean in ACCOUNTING
Writing Down Allowance (WDA) is a UK tax relief system that reduces the taxable income of companies. It allows companies to claim allowances on certain types of expenditure, such as capital equipment and goodwill, and thereby reduces their overall taxable income. WDA was introduced in April 2008, replacing the obsolete system of Industrial Buildings Allowances (IBA).
WDA meaning in Accounting in Business
WDA mostly used in an acronym Accounting in Category Business that means Writing Down Allowance
Shorthand: WDA,
Full Form: Writing Down Allowance
For more information of "Writing Down Allowance", see the section below.
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Essential Questions and Answers on Writing Down Allowance in "BUSINESS»ACCOUNTING"
What is Writing Down Allowance?
Writing Down Allowance (WDA) is a UK tax relief system that reduces the taxable income of companies. It allows companies to claim allowances on certain types of expenditure, such as capital equipment and goodwill, and thereby reduces their overall taxable income.
When was WDA introduced?
WDA was introduced in April 2008, replacing the obsolete system of Industrial Buildings Allowances (IBA).
How does WDA reduce a company's taxable income?
WDA allows companies to claim allowances on certain types of expenditure, such as capital equipment and goodwill. This effectively reduces their overall taxable income.
What replaced IBA when WDA was introduced?
When WDA was introduced in April 2008, it replaced IBA (Industrial Buildings Allowances).
Are there any other systems like WDA?
There are other similar tax relief systems available in various countries but not all countries offer them. The exact details depend upon country-specific rules and regulations.
Final Words:
Writing Down Allowance has been instrumental in providing UK companies with much needed tax relief since its introduction in 2008. It has enabled them to claim allowances on certain types of expenditures which have ultimately reduced their overall taxable incomes.
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