1. Analysts predict ￡5.8m taxable profits for the year, with the second half traditionally stronger.

2. Taxable profits in the half-year soared to ￡324.6m compared with ￡204.7m in the corresponding period in 1991.

3. A slump in taxable profits left food distributor Booker down 19p at 420p.

4. So a ￡100,000 investment immediately reduces taxable profit by ￡100,000.

5. The previous 12 months saw taxable profits of ￡13 million.

6. Taxable profits fell from ￡7.81m to ￡1.17m in the year to 30 June on group sales down about ￡20m to ￡91m.

7. Companies pay corporation tax calculated on their taxable profits after allowance for interest payments and depreciation.

8. The tax currently payable is based on taxable profit for the year.

9. For both partnerships and companies all properly incurred expenses of the trade can be offset against revenue when computing taxable profit.

10. The interest paid to debenture holders is deductible when calculating taxable profits, unlike dividend payments.

11. As a result it slipped into a loss of ￡1.33m in 1988 against a ￡1.71m taxable profit in 1987.

12. Fashion retailer Next was on everybody's buy list as it boosted taxable profits threefold.

13. The cash call was accompanied by a statement that taxable profits for last year would not be less than ￡200,000.

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14. Therefore, companies will usually charge in the accounts the maximum that is allowed for tax purposes, in order to reduce taxable profit.

15. The deductible losses, which can be utilised against the future taxable profit in accordance with tax law, are regarded as temporary differences and a deferred tax asset is recognised accordingly.

16. The difference between the value and the ending book value of $ 500 is a taxable profit.