While every attempt will be made to ensure that information provided is accurate at the time of publication, it should be treated as guidance only and does not constitute legal or professional advice. Tax law and guidance changes frequently and readers are advised to consult the current relevant publication for the most up-to-date information on this topic.

This short excerpt from Tolley's Tax Guide 2014-15 covers the change in basis of computing profits. New UK generally accepted accounting practice (GAAP) will apply from 1 January 2015. However, entities have the option to adopt these new financial reporting standards for periods ending on or after 31 December 2012. The change to new UK GAAP will have an effect on tax computations and will present some tax planning opportunities if the new standards are adopted early. Tolley's Tax Guide is a one-stop reference work written by experts in clear, concise English. Its logical structure and comprehensive analysis of the latest legislation makes it the premier choice for the successful tax practitioner.

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