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Chan-Seung Lee
Joined: 03 Dec 2005
Posts: 1032
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 Posted: Fri Dec 14, 2007 5:25 pm Post subject: offset |
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| He was able to offset his travel expenses against tax. |
What does it mean? Is it the same meaning as 'He paid tax by the money which he was going to spend traveling but didn't.'?
If so, can I paraphrase it as 'His travel expenses offset tax.'?
Thanks. |
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MrPedantic
Joined: 02 Jan 2006
Posts: 116
Location: Southern England
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| Posted: Sat Dec 15, 2007 4:56 am Post subject: |
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Hello CSL,
Suppose:
Income tax = 10%
Income = �1000
Tax-deductible travel expenses = �200
To offset your travel expenses against tax:
Income - expenses = �1000 - �200 = �800
Tax payable then = �800 x 10% = �80.
Does that help?
Best wishes,
MrP |
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rice07
Joined: 26 Oct 2007
Posts: 385
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| Posted: Sat Dec 15, 2007 5:17 am Post subject: |
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Hi
I'm not teaching you something just giving some information for brainstorming(I don't cut the mustard!), because I think that your English is good enough, at least, better than me. Information is as follows:
1. offset(verb): "offset sth agaist sth" means "to use one cost,payment or situation in order to cancel or reduce the effect of another".
=>Prices have risen in order to offset the increased cost of materials.
=>What expenses can you offset against tax?
=>So I guess you've got the answer in your mind. |
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rice07
Joined: 26 Oct 2007
Posts: 385
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| Posted: Sat Dec 15, 2007 5:46 am Post subject: |
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Hi
SORRY! I'm a talkative person not knowing that Mr Pedantic has answered your question. Sorry once again for my offence.
Good luck |
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MrPedantic
Joined: 02 Jan 2006
Posts: 116
Location: Southern England
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| Posted: Sun Dec 16, 2007 1:02 pm Post subject: |
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| rice07 wrote: |
1. offset (verb): "offset sth against sth" means "to use one cost, payment or situation in order to cancel or reduce the effect of another".
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<thumbs up>
Useful definition!
Best wishes,
MrP |
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