The following Corporation Tax guidance note Produced by Tolley in association with Malcolm Greenbaum provides comprehensive and up to date tax information covering:
EU-listed groups have been required to apply EU-endorsed IFRS for their consolidated accounts since 2005, and UK company law has allowed any UK company the option of applying EU IFRS if they choose to do so. From 1 January 2021, UK companies wishing to use IFRS have to use UK-endorsed IFRS ― this was identical to EU IFRS on that date, but the UK may decide not to endorse parts of IFRS subsequently.
In practice, relatively few companies have adopted IFRS because there has been little practical benefit in doing so for small private companies. For the subsidiaries of larger groups there have been concerns around potential tax implications of conversion and also a reduction in distributable reserves under IFRS.
In November 2012, the Accounting Council issued FRS 100 (Application of Financial Reporting Standards) and FRS 101 (Reduced Disclosure Framework – Disclosure exemptions from EU-adopted IFRS) for qualifying entities as final standards. FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland was issued in 2013.
These standards replaced previous UK GAAP with effect for accounting periods beginning on or after 1 January 2015. although
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Terminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period. So if the final accounting
This guidance note explains the general rules surrounding the availability of indexation allowance on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview of the general position regarding company disposals, please refer to
Many people work from home either on an informal or a full-time basis. These people can be employed or self-employed, and their employment status affects the expenses they can claim as a deduction from their earnings.When dealing with someone working from home, it is important to remind him that
Preparatory workBefore completing the Inheritance Tax account for submission to HMRC, the practitioner needs to undertake a comprehensive review of the extent of the estate and its proposed distribution. The work required leading up to the submission of the account is described in detail in the
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