Transitional issues affecting the corporation tax computation and return

Produced by Tolley in association with

Corporation Tax

Guidance

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 UK-endorsed IFRS (EU-endorsed IFRS prior to 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 they been made in the year they relate to, are adjusted

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Malcolm Greenbaum

Director and Principal Trainer at Greenbaum Training and Consultancy Limited

Malcolm is a UK Chartered Accountant and Chartered Tax Advisor winning the John Wood Medal in the November 1995 CIOT sitting for the best paper on business taxation. He was previously Director of Finance and Taxation Programmes at BPP Professional Education and has delivered IFRS, US GAAP, UK Tax and VAT training (at all levels from an introduction to the complexities of IAS 39) to a multitude of organisations world-wide since 1992. Malcolm has particular experience in delivering bespoke training programmes to multi-nationals in the financial services, transport and energy sectors as well as delivering UK tax and VAT update programmes to accounting and law firms. He is passionate about training and his enthusiasm ensures that the participants enjoy the learning experience whilst gaining knowledge through their engagement in the sessions and through encouraging them to ask questions and discuss practical issues they may have. Malcolm also provides consultancy services to companies and accounting firms, including provision of VAT advice, reviewing accounting policy manuals and advising on accounting treatments of various transactions. In his spare time, Malcolm enjoys flying having gained a Private Pilot's Licence in 2014.

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