Transitional issues affecting the corporation tax computation and return

Produced by Tolley in association with Malcolm Greenbaum

The following Corporation Tax guidance note Produced 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

Transitional issues affecting the corporation tax computation and return

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.

GAAP for corporation tax purposes is either UK GAAP or EU-endorsed IFRS (UK-endorsed IFRS from 1 January 2021).

On transition to FRS 101 or FRS 102, any adjustment to accumulated profits and other comprehensive income (OCI) up to the end of the comparative year which would have affected taxable profits had

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