Accruals basis

By Tolley

The following Corporation Tax guidance note by Tolley provides comprehensive and up to date tax information covering:

  • Accruals basis
  • Outline
  • Corporation tax periods of account


The calculation of the profits of the rental income business should be in accordance with generally accepted accounting practice (GAAP), subject only to adjustments required by tax legislation. Specifically, the income and expenditure should be calculated on an accruals basis. For further guidance on GAAP see the Tax law and accounting practice guidance note.

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