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This title is written for tax practitioners who wish to gain a better understanding of accounting rules in the UK, how these are applied in different circumstances to a set of financial statements and what the resultant impact on the taxable profit is. The starting basis for tax computation for a business for either income tax or corporation tax is a set of accounts prepared in accordance with financial reporting standards.
HMRC employ a number of accounting specialists who consider whether the accounting treatment in a particular case is correct. While this is particularly prevalent for large companies, it is also a key issue for the smaller business. Accounting flaws will have an impact on the tax treatment and may well give HMRC grounds for discovery assessments.
Significant areas of update:
The previous (5th) edition was published in May 2014, and therefore included the changes to accounting principles as a result of the new UK financial reporting framework coming into force from 1 January 2015.
However, since then, there have been several developments and amendments to the new UK GAAP framework and the standards themselves, including: