DO you run a business? Are you aware that tax computations for 2015 may be more complex than in earlier years as a result of transitional adjustments arising on adoption of new UK GAAP?
The change in GAAP constitutes a change from one valid basis of accounting to another for calculating taxable profits.
To the extent that differences arise, transitional adjustments will be required which, in some cases, will be taxed or relieved in full in the first period of applying the new GAAP. This could have a significant impact on some companies’ tax liabilities, which for those within the quarterly instalment payment regime will start to affect cash flow from July 2015.
You may need to take time to consider the impact of new UK GAAP, what elections or choices you have available to make and how those and other changes will affect your corporation tax profile.
For further information or assistance contact Jo Gibbons on 01256 486800 or jo.gibbons@bakertilly.co.uk.
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