Financial Skills: Tax: Calculating Trading Profit - Schedule D Cases I and II (for Corporation Tax)

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Course Overview

This course will review the various contentious items in Schedule D Cases I and II computations for corporation tax and consider the problem areas and pitfalls in this connection. The course will allow delegates to anticipateHMRC's approach to these Schedule D matters, giving them a briefing on the workings of HMRC, and advise how to conduct negotiations regarding contentious items in the accounts in an effective manner. A practical case study will highlight areas of concern and will consider whether certain expenditure is allowable for Schedule D Cases I and II purposes.

Course Outline

• Is the expenditure allowable?
• The Schedule D Cases I and II tax computations
• Contentious allowable trading deductions
• Capital or revenue?
• The recognition of receipts as trading profits
• Schedule D Cases I and II problem areas
• Practical and detailed tax computation case study
• Negotiating with HMRC regarding certain expenditure
• Finalising HMRC correspondance and obtaining agreement
• Identifying items qualifying for capital allowances, including Finance Act changes
• Disclaiming certain items
• The impact of recent tax cases, legislation and press releases
• Commencement, cessation and succession
• Is the company really trading?
• The impact of losses
• Practical advice and planning
• General overview

Financial Skills: Tax: Calculating Trading Profit - Schedule D Cases I and II (for Corporation Tax) / CM025426