Robin Walduck and Peter Scholes explain the need for tax input into the decisions groups are taking on UK GAAP conversion.
In this article we aim to show that the tax department must be involved in the decision-making process in relation to UK GAAP conversion from the outset in order to achieve the best result. A tax director who starts to think about the impact of conversion in 2016 when the 2015 tax computations are being prepared could potentially be in for some nasty surprises.
This article is relevant to UK resident group companies which for example:
make loans in a non-sterling currency to a subsidiary which are treated as equity in the accounts;
buy or will buy a business via a trade and asset purchase;
use interest-rate swaps;
rent a property under a lease with an upward only rate review; or
recognise software development as part...
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Robin Walduck and Peter Scholes explain the need for tax input into the decisions groups are taking on UK GAAP conversion.
In this article we aim to show that the tax department must be involved in the decision-making process in relation to UK GAAP conversion from the outset in order to achieve the best result. A tax director who starts to think about the impact of conversion in 2016 when the 2015 tax computations are being prepared could potentially be in for some nasty surprises.
This article is relevant to UK resident group companies which for example:
make loans in a non-sterling currency to a subsidiary which are treated as equity in the accounts;
buy or will buy a business via a trade and asset purchase;
use interest-rate swaps;
rent a property under a lease with an upward only rate review; or
recognise software development as part...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
