Owner-Managed Businesses

Valuation of work in progress

Produced by Tolley
  • 23 Jun 2022 10:29

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Valuation of work in progress

Valuation of work in progress

The valuation of work in progress for solicitors and barristers is dependent on the nature of the work undertaken. Income for professionals and in particular solicitors and barristers can emanate from a variety of sources and under different contractual terms.

Valuation of work in progress is necessary to recognise the value of the work performed in the correct accounting period. For tax purposes, the valuation of work in progress and recognition of revenue earned in an accounting period by a professional firm is also an important concept.

Accounting standards require that the income recognised for an accounting

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