The following Corporation Tax guidance note Produced by Tolley in association with Nick Watson provides comprehensive and up to date tax information covering:
Tax professionals will often be asked to provide input into the financial statement work undertaken by audit professionals. This guidance note is intended to give an overview of some of the key issues when undertaking audit work.
This note is an introduction only and is written on the assumption that users will seek guidance from their audit colleagues on the methodology to be adopted for the audit work required. In particular, it should be noted that most professional firms will have their own audit methodology that builds on the basic auditing standards as issued by the Auditing Practices Board.
According to ISA (UK and Ireland) 200, the overall objectives of an auditor are:
to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework; and
to report on the financial statements, and communicate as required by the ISAs (UK and Ireland) in accordance with the auditor’s findings
When planning an audit, an auditor must form a view as to the level at which an error in the financial statements would potentially mean that the financial statements are misleading. In this context, material
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
If an individual sells a chargeable asset and makes an allowable loss, how can this be relieved?First of all, since the simplification of capital gains tax from 6 April 2008, the proforma to calculate a loss is the same as the proforma to calculate a gain. See the Basic calculation principles of
Capital vs revenue expenditureExpenditure of a capital nature is not allowed as a deduction when calculating trading profits. Expenditure of a revenue nature is allowable, provided there is no specific statutory rule prohibiting a deduction and the expenditure also satisfies the wholly and
Tax professionals will often be asked to provide input into the financial statement work undertaken by audit professionals. This guidance note is intended to give an overview of some of the key issues when undertaking audit work.This note is an introduction only and is written on the assumption that
Interest paid on qualifying loans is deducted from the taxpayer’s total income (ie a Step 2 deduction from total income). See the Proforma income tax calculation guidance note.Interest on qualifying loans is usually paid gross by the individual borrower; tax is not withheld at source. This includes
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.