The following Corporation Tax guidance note Produced by Tolley in association with Malcolm Greenbaum provides comprehensive and up to date tax information covering:
This guidance note relates to the aspects of ASC 740 which were previously known as FAS 109.
The concepts underlying FAS 109 are similar to those under IFRS and therefore this note gives an overview of the main differences between the two standards along with practical examples. The differences discussed below are based on those identified jointly by the IASB and FASB as being the most significant when the two boards were considering converging the accounting for income taxes under IFRS and US GAAP.
There are some specific accounting rules in FAS 109 which apply to specific types of US companies such as Steamship Enterprises. These are outside the scope of this note as they are unlikely to be of application to UK readers.
In respect of accounting for uncertain tax positions and tax exposures, please see the US GAAP ― uncertain tax positions guidance note.
It is worth noting that certain phrases under US GAAP have a different meaning to those under IFRS. These include:
**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
The substantial shareholding exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. Conversely, if losses are generated by the disposal and the SSE conditions are
IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeWithholding tax may be reduced under double tax treaties (DTT) or European directives, both of which may be subject to making a formal claim.This guidance note outlines the rules for UK withholding tax, and
Summary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions over 50g/km but not more than 110g/km (to be reduced to 50g/km and below from April 2021)18%CAA
This guidance note provides details of quarterly instalment payments (QIPs) for corporation tax purposes and which companies need to pay their tax liabilities in this manner.Generally, corporation tax is payable nine months and one day after the end of the relevant accounting period. However, large
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.