Transitional issues affecting the corporation tax computation and return

By Tolley in association with Malcolm Greenbaum
Corporation_tax_img

The following Corporation Tax guidance note by Tolley in association with Malcolm Greenbaum provides comprehensive and up to date tax information covering:

  • Transitional issues affecting the corporation tax computation and return
  • Introduction
  • Effect on quarterly instalment payments
  • Potential transitional adjustments
Introduction

Tax legislation for companies requires that the profits of a trade are calculated in accordance with generally accepted accountancy practice (GAAP), subject to any adjustment required or authorised by law in calculating profits for corporation tax purposes.

CTA 2009, s 46

GAAP for corporation tax purposes is either UK GAAP or EU-endorsed IFRS.

CTA 2010, s 1127

On transition to FRS 101 or FRS 102, any adjustment to accumulated profits and other comprehensive income (OCI) up to the end of

More on New UK GAAP:
FRS 102 ― specific deferred tax issues
Transition from IFRS to FRS 102
Transition from old UK GAAP to FRS 102
Transition from old UK GAAP to FRS 101
Transition from IFRS to FRS 101
FRS 101 ― current and deferred tax
Introduction to new UK GAAP
FRS 102 ― tax presentation and disclosures
FRS 102 ― tax reconciliation disclosures
FRS 102 – consolidated tax disclosures
Find Tax Guidance quickly and avoid undue risks.
TolleyGuidance gives you direct access to critical, comprehensive and up-to-date tax information and expertise you can rely on.
Read full article