The following Corporation Tax guidance note Produced by Tolley in association with Nick Watson provides comprehensive and up to date tax information covering:
One of the areas which causes most complexity in relation to deferred tax accounting under IFRS is accounting for business combinations and deferred tax liabilities recognised in respect of acquired intangible assets.
The principle of accounting for business combinations under IFRS is that a fair value should be assigned to each item on the balance sheet. The fair value is based on what the acquiring entity paid for the business it has acquired and typically this will be more than the value of the assets shown on the acquired entity’s balance sheet.
Normally simply revaluing assets and liabilities
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‘Hold-over’ relief allows for the deferral of a gain that would otherwise arise in relation to a disposal. No capital gains tax (CGT) is due in respect of the disposal, but the base cost of the asset for the transferee for the purpose of a future disposal is reduced by an amount equal to the gain
This guidance note considers the capital gains tax implications where shares are sold in exchange for new shares.The consideration paid by a purchasing company to the shareholder(s) for their shares in a target company could be in the form of either:•new shares in the vendor in exchange for shares
This guidance note provides an overview of the steps businesses need to take if aspects of their business change, and as a result, they need to notify HMRC about the change.Changes to name and / or addressIf a business changes its name and / or its address then it is required to notify HMRC of the
This guidance note provides an overview of what conditions need to be met before a business is entitled to treat VAT incurred as input tax. This note should be read in conjunction with the other notes in the ‘Claiming input tax’ subtopic. For a flowchart outlining the procedure for claiming input
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