Basis Periods and Deffered taxation

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
I am having difficulty in the following questions<BR><BR>Is there any easy method of learning FRS and SSAP's for the DFS?<BR>Basis periods for business taxation?<BR>What do you understand by corporation tax deferred? what are the double entries?<BR>Where do they go on the P & L or Balance Sheet and why?<BR><BR>I would appreciate any help given.<BR>thank you

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Basis Periods and Deffered taxation

    I have aword file about basis periods that might help. Send me your e-mail address.<BR><BR>Deferred tax is provided if there have been temporary timing differences between the accounting profit and tax adjusted profit, ie, accelarated capital allowances. If WDV is less than NBV for the assets which are allowed c.a.'s then the DT provision is (NBV-WDV) x c.t. rate. The double entry is dr. tax charge, cr. provisions for liabilities. This is a balance sheet item i.e. in a T a/c put in the b/f figure and your calculated c/f then the balancing figure is the p/l charge/credit.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Basis Periods and Deffered taxation

    Thanks for the explanation on T accounts for corporation tax<BR>and my e mail address pal.chana@rbwm.gov.uk for the basis periosd <BR>thank you

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