Is it PBIT - Less depreciation = income ?

 I would say no....

PBIT stands for Profit Before Interest and Tax....therefore in order to get the net income for the period you have to subtract the FINANCE CHARGE (Interest) and the TAX CHARGE.

The Depreciation has already been deducted above UNLESS we are talking about capital allowances....in that case you are calculating the TAXABLE PROFIT for the year and not the income.

Hope this helps. Good luck on Thursday....I'll be there too!

Kind regards

Ovidio