PCTCT - AbsoluteAstronomy.com

In the UK tax

Tax

To tax is to impose a financial charge or other levy upon a taxpayer by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes are also imposed by many subnational entities...

system, more specifically, for UK corporation tax, PCTCT stands for "profits chargeable to corporation tax," a UK term for taxable profits. The PCTCT of a company is derived from a company's profit

Profit (accounting)

In accounting, profit can be considered to be the difference between the purchase price and the costs of bringing to market whatever it is that is accounted as an enterprise in terms of the component costs of delivered goods and/or services and any operating or other expenses.-Definition:There are...

as shown in the profit and loss account in its accounts

Financial statements

A financial statement is a formal record of the financial activities of a business, person, or other entity. In British English—including United Kingdom company law—a financial statement is often referred to as an account, although the term financial statement is also used, particularly by...

, with the addition of any disallowed expenditure, and the deduction of any expenditure that is allowed for tax purposes and has not been deducted in the profit and loss account.