I have just drawn up a set of ltd co accounts and I would like some help with deferred tax..
There is some goodwill ( upon incorporation) but this is just added back on the tax comp so I presume not relevant.
The final wdv on the capital allowances balance for future claims is £37733.
The final balance on fixed assets to cfwd is £ 41349 (both at 31st Jan 2007).
As the cap allowances to claim is less I presume the calculation is the difference at say approx 19.5% ....... so deferred tax of £705.
Would this be a creditor as first time this has been reserved?
Thanks for help!
MICHAEL B
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DT
Wdv c/f < NBV c/f therefore, you have a DT liability going forward. Question is whether you provide for it given it may not be material for accounts purposes. Your calcs look approx correct