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Tax

Some of the suggested courses are set out below. If there is any particular area of interest that is not covered please contact us.

Targeted accounts training for tax lawyers

Objectives

Tax lawyers have very specific areas of interest when it comes to understanding what is in the accounts.  We tailor a training programme to identify the technical accounting areas that tax lawyers in your firm need to understand to add value to their work.

As a result of this training tax lawyers will:

  • Understand the interaction between accounting profit and taxable profit
  • Know where tax treatment follows tax rules, where it mimics GAAP and where it follows GAAP
  • Understand the main accounting principles around particular transactions or items in the accounts
  • Be more confident in identifying where advice/care may be needed around specific accounting issues
  • Communicate effectively with HMRC, accountants and clients on accounting related issues

Content

In this course we will explain the accounting for the chosen topics through a combination of presentations and worked examples for participants to consider and real-life scenario extracts and examples.

Introduction – Putting the accounts in context: Section 46 Corporation Tax Act 2009 and Section 1127 Corporation Tax Act 2010

  • Overview of each of the key financial statements (balance sheet, P&L, etc) and interaction
  • Accruals basis
  • Use of IFRS and UK GAAP for current and future periods (including relevant UK legislation)
  • Choosing and interpreting/applying accounting standards
  • Interaction of competing standards
  • Applying policies [and estimation techniques]
  • Impact of adopting new policies (or changing standards)
  • Prior year adjustments

Trading events
Part 3 CTA 2009

  • Accruals basis
  • Recognising and measuring income
  • Recognising and measuring expenses (liabilities and provisions)

Intangibles
Part 8 CTA 2009

  • Recognising and measuring assets
  • Capitalising expenditure
  • Goodwill and other assets
  • Amortisation

 Tax in accounts

  • How the accounts treat
  • Corporation tax
  • Deferred tax
  • Uncertain tax positions

Financial instruments

  • Identification of accounting issues arising in the loan relationships regime, Part 5 CTA 2009
  • Analysis of those issues
  • Derivatives and hedge accounting and how this may affect accounting profits
 

Course Types

In house courseIn house
Face to Face courseFace to Face
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Implications of adopting FRS 102 (and FRS 101)

Objectives

In many places the tax legislation states that the tax treatment will follow the accounting.  Accordingly, it is important for tax lawyers to have an understanding of how certain key transactions and events are accounted for in the financial statements.

This update is designed to provide lawyers with an overview of the main accounting changes introduced by FRS 102 (“New UK GAAP”) as they potentially affect the calculation of taxable profits. This is very important as the standard is now in general use and Tax Lawyers will be encountering live situations involving the ramifications ensuing from adoption. The course will also consider to a lesser extend the consequences of adoption of FRS 101.

Note: This is an accounting rather than a tax course.

Content

  • Background to accounting
    • What is included in a set of Accounts – new and old terminology
    • Accruals concept
    • GAAP to changes in accounting policies – effect on accounting and effect on tax charge
    • Hierarchy of decisions
    • Understanding statement of comprehensive income statement
  • The new UK GAAP Framework
    • Explain what is happening, why and when
    • FRS 101 and FRS 102
    • Choices and why
    • Key dates, past, present and future and why these are important
  • Specific areas of focus
    • Intangibles
      • Issues and new rules
      • Identification
      • Capitalise or expense
      • Issue of goodwill
      • Transition decisions missed, made or to be made?
    • Taxation in accounts
      • Current tax
      • Deferred tax
      • Uncertain tax provisions
    • Property accounting
      • PPE
      • Investment properties
      • Leasing
      • Lease incentives
    • Loan relationships and derivatives
      • Covered by sections on Financial instruments
      • FRS 102 options
      • Accounting for loan relationships and derivatives
        • Basic and other financial instruments
        • Amortised cost under effective interest rate method
        • Fair value through profit or loss
        • Hybrid financial instruments e.g. issuing convertible debt
        • Recognising derivatives on balance sheet for first time and effect of transition on the accounts – a decision to be made
      • Should entities consider hedge accounting
        • What is hedge accounting
        • Main types – cash flow hedge and fair value hedge
        • Where do the debits and credits go under each and why might this be important?

Course Types

In house courseIn house
Face to Face courseFace to Face
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All courses tailored to your individual needs

We can deliver courses:

  • Face to faceFace to face
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