Related Commentary  Related CasesRelated HMRC Manuals

25(1)  The profits of a trade must be calculated in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law in calculating profits for income tax purposes.

25(2)  This does not–

(a)require a person to comply with the requirements of the Companies Act 2006 or subordinate legislation made under that Act except as to the basis of calculation, or

(b)impose any requirements as to audit or disclosure.

25(3)  This section is subject to section 25A (cash basis for small businesses).

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