Deferred Tax

Deferred Tax

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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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By User deleted
12th Nov 2007 16:13

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

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