Accountancy principles and practices

Accountancy bodies

Case Law – Odeon Associated Theatres Ltd. v. Jones (H.M. Inspector of Taxes)

Accruals concept

Case Law – (1) THE BRITISH MEXICAN PETROLEUM COMPANY, LIMITED v. JACKSON (H.M. INSPECTOR OF TAXES). (2) THE BRITISH MEXICAN PETROLEUM COMPANY, LIMITED v. THE COMMISSIONERS OF INLAND REVENUE. ; EDWARD COLLINS & SONS, LTD. v. THE COMMISSIONERS OF INLAND REVENUE. ; J.H. YOUNG & Co. v. THE COMMISSIONERS OF INLAND REVENUE. ; Owen (H.M. Inspector of Taxes) v. Southern Railway of Peru, Ltd ; Peter Merchant, Ltd. v. Stedeford (H.M. Inspector of Taxes) ; Simpson v. Jones (H.M. Inspector of Taxes) ; THE LONDON CEMETERY COMPANY v. BARNES (Surveyor of Taxes). ; VALLAMBROSA RUBBER CO., LTD., v. FARMER (Surveyor of Taxes). ; WHIMSTER & CO. v. THE COMMISSIONERS OF INLAND REVENUE.

Adjustments

Commentary – Tax Reporter ¶205-310

HMRC Guidance – BIM31047

Bad and doubtful debts

Commentary – Tax Reporter ¶211-050

HMRC Guidance – BIM42700 ; BIM42705 ; BIM42710 ; BIM42715 ; BIM42720

Case Law – Sycamore plc & Anor v Fir (HMIT)

Barristers and advocates

Commentary – Tax Reporter ¶205-620

Change of accounting basis

– see Change of accounting basis

Computation of trade profits

Accounting evidence, HMRC's views

Commentary – Tax Reporter ¶205-550

HMRC Guidance – BIM31005 ; BIM46510 ; BIM46515 ; BIM46520 ; BIM46525 ; BIM46530 ; BIM46535 ; BIM46540 ; BIM46545 ; BIM46550 ; BIM46555 ; BIM46560 ; BIM46565

Adjustments authorised by law

Commentary – Tax Reporter ¶205-310

HMRC Guidance – BIM31047

Anticipation of profits and losses

Commentary – Tax Reporter ¶205-460

Case Law – B.S.C. Footwear Ltd. (formerly Freeman, Hardy & Willis Ltd.) v. Ridgway (H.M. Inspector of Taxes)

Barristers and advocates

Commentary – Tax Reporter ¶205-620

Changing nature of accounting principles

Commentary – Tax Reporter ¶205-400

HMRC Guidance – BIM33190

Consistency

Commentary – Tax Reporter ¶205-480

HMRC Guidance – BIM34005

Case Law – Duple Motor Bodies, Ltd. v. Ostime (H.M. Inspector of Taxes) Ostime (H.M. Inspector of Taxes) v. Duple Motor Bodies, Ltd. Duple Motor Bodies, Ltd. v. Commissioners of Inland Revenue Commissioners of Inland Revenue v. Duple Motor Bodies, Ltd. ; Pearce (H.M. Inspector of Taxes) v. Woodall-Duckham Ltd.

Deferred revenue expenditure

Commentary – Tax Reporter ¶205-490

HMRC Guidance – BIM42215

Development of accounting principles

Commentary – Tax Reporter ¶205-370

Distinction between capital and revenue expenditure

Commentary – Tax Reporter ¶205-475

Generally accepted accounting practice (GAAP)

Commentary – Tax Reporter ¶205-350

Income recognition

Commentary – Tax Reporter ¶205-470

Incorporation of accounting practices into statute

Commentary – Tax Reporter ¶205-320

Insurance agents' commission

Commentary – Tax Reporter ¶205-640

HMRC Guidance – BIM40650

Case Law – COMMISSIONERS OF INLAND REVENUE v. GARDNER MOUNTAIN & D'AMBRUMENIL, LTD. ; Odeon Associated Theatres Ltd. v. Jones (H.M. Inspector of Taxes) ; Robertson v IR Commrs

International accounting standards (IAS)

Commentary – Tax Reporter ¶205-360 ; Tax Reporter ¶205-365

HMRC Guidance – BIM31027

Key statutory principles

Commentary – Tax Reporter ¶205-300

Matching of expenses (accruals concept)

Commentary – Tax Reporter ¶205-500

Ordinary principles of commercial accountancy

Commentary – Tax Reporter ¶205-380 ; Tax Reporter ¶205-455

Case Law – (1) THE LOTHIAN CHEMICAL CO., LTD. v. ROGERS (H.M. INSPECTOR OF TAXES). (2) THE LOTHIAN CHEMICAL CO., LTD. v. THE COMMISSIONERS OF INLAND REVENUE. ; ABSALOM v. TALBOT (H.M. INSPECTOR OF TAXES) ; ALLCHIN (H.M. INSPECTOR OF TAXES) v. CORPORATION OF SOUTH SHIELDS ; B.S.C. Footwear Ltd. (formerly Freeman, Hardy & Willis Ltd.) v. Ridgway (H.M. Inspector of Taxes) ; Chancery Lane Safe Deposit and Offices Co. Ltd. v. Commissioners of Inland Revenue ; JENKINS PRODUCTIONS, LTD. v. COMMISSIONERS OF INLAND REVENUE ; Odeon Associated Theatres Ltd. v. Jones (H.M. Inspector of Taxes) ; Pearce (H.M. Inspector of Taxes) v. Woodall-Duckham Ltd.

Provisions

Commentary – Tax Reporter ¶205-465

HMRC Guidance – BIM46510

Case Law – ATHERTON (H.M. INSPECTOR OF TAXES) v. BRITISH INSULATED AND HELSBY CABLES, LIMITED. ; Owen (H.M. Inspector of Taxes) v. Southern Railway of Peru, Ltd

Prudence concept

Commentary – Tax Reporter ¶205-495

Realisation (prudence concept)

Commentary – Tax Reporter ¶205-495

Stock valuation

Commentary – Tax Reporter ¶205-485

HMRC Guidance – BIM42215

True and fair view

Commentary – Tax Reporter ¶205-420

HMRC Guidance – BIM31000 ; BIM31020

Weight of accounting evidence

Commentary – Tax Reporter ¶205-390

Case Law – ATHERTON (H.M. INSPECTOR OF TAXES) v. BRITISH INSULATED AND HELSBY CABLES, LIMITED. ; Heather (H.M. Inspector of Taxes) v. P-E Consulting Group Ltd. Commissioners of Inland Revenue v. P-E Consulting Group Ltd

Deferred revenue expenditure

Commentary – Tax Reporter ¶205-490

HMRC Guidance – BIM42215

Determination of true profits

Commentary – Tax Reporter ¶707-100

Case Law – Odeon Associated Theatres Ltd. v. Jones (H.M. Inspector of Taxes)

Development of

Commentary – Tax Reporter ¶205-370

Evidence, role of

Commentary – Tax Reporter ¶205-390 ; Tax Reporter ¶205-550 ; Tax Reporter ¶707-100 ; Tax Reporter ¶707-110

HMRC Guidance – BIM31005 ; BIM46510 ; BIM46515 ; BIM46520 ; BIM46525 ; BIM46530 ; BIM46535 ; BIM46540 ; BIM46545 ; BIM46550 ; BIM46555 ; BIM46560 ; BIM46565

Finance leases

Commentary – Tax Reporter ¶215-150 ; Tax Reporter ¶221-620

HMRC Guidance – BIM61001 ; BLM32210

Financial Reporting Standards (FRS)

Accounting policies (FRS 18 and FRS 102)

Commentary – Tax Reporter ¶205-370

Provisions, contingent liabilities and contingent assets

Commentary – Tax Reporter ¶205-465

HMRC Guidance – BIM46510

Case Law – ATHERTON (H.M. INSPECTOR OF TAXES) v. BRITISH INSULATED AND HELSBY CABLES, LIMITED. ; Owen (H.M. Inspector of Taxes) v. Southern Railway of Peru, Ltd

Foreign exchange gains and losses

– see Foreign exchange gains and losses

Generally accepted accounting practice (GAAP)

Generally

Commentary – Tax Reporter ¶707-100

Case Law – Odeon Associated Theatres Ltd. v. Jones (H.M. Inspector of Taxes)

Meaning

Commentary – Tax Reporter ¶205-350

Real estate investment trusts

Commentary – Tax Reporter ¶788-140

Groups of companies

Commentary – Tax Reporter ¶707-125

Intangible fixed assets

Commentary – Tax Reporter ¶722-500

International accounting standards

Real estate investment trusts

Commentary – Tax Reporter ¶788-140

International accounting standards (IAS)

Generally

Commentary – Tax Reporter ¶205-360

HMRC Guidance – BIM31027

Groups of companies

Commentary – Tax Reporter ¶707-125

History of

Commentary – Tax Reporter ¶205-365

Setting

Commentary – Tax Reporter ¶205-365

International financial reporting standards (IFRS)

Commentary – Tax Reporter ¶707-100

Case Law – Odeon Associated Theatres Ltd. v. Jones (H.M. Inspector of Taxes)

Loan relationships

– see Loan relationships

Matching of expenses

Commentary – Tax Reporter ¶205-500

Ordinary principles of commercial accountancy

Commentary – Tax Reporter ¶205-380 ; Tax Reporter ¶205-455

Overview

Commentary – Tax Reporter ¶205-450

Pre-6 April 2005

Commentary – Tax Reporter ¶200-200

Provisions, contingent liabilities and assets

Commentary – Tax Reporter ¶205-465

HMRC Guidance – BIM46510

Case Law – ATHERTON (H.M. INSPECTOR OF TAXES) v. BRITISH INSULATED AND HELSBY CABLES, LIMITED. ; Owen (H.M. Inspector of Taxes) v. Southern Railway of Peru, Ltd

Prudence concept

Commentary – Tax Reporter ¶205-495

Real estate investment trusts

Commentary – Tax Reporter ¶788-140

Realisation

Commentary – Tax Reporter ¶205-495

Research and development

Commentary – Tax Reporter ¶218-000

HMRC Guidance – CIRD81900

Rounding of profit figures

Commentary – Tax Reporter ¶205-100

Securitisation companies

Commentary – Tax Reporter ¶807-200

Statements of Standard Accounting Practice (SSAP)

Disclosure of accounting policies

Commentary – Tax Reporter ¶205-370

Finance lease rental payments

Commentary – Tax Reporter ¶215-150

HMRC Guidance – BIM61001 ; BLM32210

Leases and hire-purchase contracts

Commentary – Tax Reporter ¶215-150

HMRC Guidance – BIM61001 ; BLM32210

Valuation of stocks and long-term contracts

Commentary – Tax Reporter ¶224-500

HMRC Guidance – BIM33100 ; BIM33160

Case Law – COMMISSIONERS OF INLAND REVENUE v. COCK RUSSELL AND CO., LTD. ; Ryan (H.M. Inspector of Taxes v. Asia Mill, Ltd. ; WHIMSTER & CO. v. THE COMMISSIONERS OF INLAND REVENUE.

Taxable profits, relationship between

Commentary – Tax Reporter ¶707-100

Case Law – Odeon Associated Theatres Ltd. v. Jones (H.M. Inspector of Taxes)

Trading stock

Generally

Commentary – Tax Reporter ¶224-000

HMRC Guidance – BIM33190

Post-balance sheet events

Commentary – Tax Reporter ¶224-850

HMRC Guidance – BIM31040

Valuation

Commentary – Tax Reporter ¶205-485 ; Tax Reporter ¶224-500

HMRC Guidance – BIM33100 ; BIM33160 ; BIM42215

Case Law – COMMISSIONERS OF INLAND REVENUE v. COCK RUSSELL AND CO., LTD. ; Ryan (H.M. Inspector of Taxes v. Asia Mill, Ltd. ; WHIMSTER & CO. v. THE COMMISSIONERS OF INLAND REVENUE.

True and fair accounts

Commentary – Tax Reporter ¶205-420 ; Tax Reporter ¶707-100

HMRC Guidance – BIM31000 ; BIM31020

Case Law – Odeon Associated Theatres Ltd. v. Jones (H.M. Inspector of Taxes)

UITF 40

Generally

Commentary – Tax Reporter ¶206-470 ; Tax Reporter ¶707-230

HMRC Guidance – BIM40685

Partnerships

Commentary – Tax Reporter ¶206-480

Spreading adjustments

Commentary – Tax Reporter ¶206-480 ; Tax Reporter ¶707-240

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