{"id":176,"date":"2016-06-15T08:28:00","date_gmt":"2016-06-15T07:28:00","guid":{"rendered":"https:\/\/www.thetrainingplace.org\/blog\/2016\/06\/15\/accounting-for-deferred-tax-arising-due-to-capital-allowances\/"},"modified":"2016-06-15T08:28:00","modified_gmt":"2016-06-15T07:28:00","slug":"accounting-for-deferred-tax-arising-due-to-capital-allowances","status":"publish","type":"post","link":"https:\/\/www.thetrainingplace.org\/blog\/2016\/06\/accounting-for-deferred-tax-arising-due-to-capital-allowances\/","title":{"rendered":"Accounting for Deferred Tax arising due to Capital Allowances"},"content":{"rendered":"
\nIAS
\n12 <\/span>Income Taxes<\/i> defines deferred tax
\nliabilities as the amounts of income taxes payable in future periods in respect
\nof taxable temporary differences. Temporary differences are differences between
\nthe carrying amount of an asset or liability in the statement of financial
\nposition (balance sheet) and its valuation for tax purposes. These temporary
\ndifferences arise when the tax due for a particular accounting period is
\ndeferred because of the impact of capital allowances and other factors.<\/span><\/div>\n
\n<\/div>\n
\nCapital
\nallowances are tax deductible while depreciation is not tax deductible.
\nFinancial accounting allows for depreciation as an expense which is charged as
\na proportion of the cost of a non-current asset but does not allow the
\ndeduction of capital allowance as an expense. <\/o:p><\/span><\/div>\n
\n<\/div>\n
\nOn
\nthe other hand, Taxation allows for capital allowances as a tax deductible item
\nwhich is charged as the total cost of the asset but does not allow for
\ndepreciation as a tax deductible item. <\/o:p><\/span><\/div>\n
\n<\/div>\n
\nDepreciation has to be added back in computing the
\ntaxable profit of a company.<\/span><\/i><\/b><\/o:p><\/span><\/div>\n
\n<\/div>\n
\n<\/a><\/span><\/p>\n
\nIn
\nthe year capital allowance is claimed against the cost of the asset, the
\ncapital allowance is deducted from the profit for the year and the depreciation
\nis added back. As capital allowance is always higher than the deprecation of
\nthe new non-current asset, you will realise that the tax liability for that
\nyear will be lower than subsequent years where the capital allowance will not
\nbe claimable but the depreciation charge will still need to be added back for
\nsuch subsequent years.<\/span><\/span><\/div>\n

<\/o:p><\/span><\/div>\n

\n
\n<\/div>\n<\/div>\n
\n
\nFor
\nexample, a company made a profit of \u00a3171,000 in 20X1 and a qualifying asset was
\nbought during that year for \u00a3100,000 and this will have a useful life of 8
\nyears and no residual value at the end of its useful life. In 20X2, the company
\nalso made a profit of \u00a3171,000 and that asset is still in use by the company.
\nTax is charged at 20%.<\/o:p><\/span><\/div>\n<\/div>\n
\n<\/div>\n
\nDepreciation
\non the asset = \u00a3100,000\/ 8 years = \u00a312,500 per year.<\/o:p><\/span><\/div>\n
\n<\/div>\n
\n20X1<\/span><\/b>                                              \u00a3<\/o:p><\/span><\/div>\n
\nProfit
\n                                      171,000<\/o:p><\/span><\/div>\n
\nAdd
\nback depreciation              12,500<\/o:p><\/span><\/div>\n
\n                                                 183,500<\/o:p><\/span><\/div>\n
\nLess:
\nCapital allowances         (100,000)<\/o:p><\/span><\/div>\n
\nTaxable
\nprofit                              83,500<\/o:p><\/span><\/div>\n
\nTax
\n(20% of \u00a383,500)                 16,700                                             <\/o:p><\/span><\/div>\n
\n           <\/span><\/div>\n
\n20X2                                               <\/span><\/b>\u00a3<\/o:p><\/span><\/div>\n
\nProfit
\n                                        171,000<\/o:p><\/span><\/div>\n
\nAdd
\nback depreciation               12,500<\/o:p><\/span><\/div>\n
\n                                                  183,500<\/o:p><\/span><\/div>\n
\nTax
\n(20% of \u00a3183,500)               36,700<\/o:p><\/span><\/div>\n
\n<\/div>\n
\nDifference
\nin tax liability arising due to capital allowance = \u00a336,700 – \u00a316,700 = \u00a320,000<\/o:p><\/span><\/div>\n
\nThe
\ntax in 20X1 is less by \u00a320,000 due to capital allowance which has been claimed
\nbut as capital allowance can only be claimed once on each asset, the tax in
\n20X2 has increased as depreciation still has to be added back.<\/o:p><\/span><\/div>\n
\n<\/div>\n
\nDeferred tax is
\na way of applying the accruals concept to accounting for corporation tax.<\/o:p><\/span><\/i><\/b><\/div>\n
\n<\/div>\n
\nDeferred
\ntax implies that the tax for an earlier accounting period has been pushed into
\nlater accounting periods. Financial accounting requires that these future
\nincreased tax liability should be recognised as a provision<\/u><\/i><\/b>, which
\nis a liability in the financial statements.<\/o:p><\/span><\/div>\n
\n<\/div>\n
\nAccounting
\ntreatment:<\/o:p><\/span><\/b><\/div>\n
\nDr
\n– Deferred tax expense in the Statement of profit or loss                                     \u00a320,000<\/o:p><\/span><\/div>\n
\nCr
\n– Deferred tax liability in the Statement of financial position (balance sheet)      \u00a320,000<\/o:p><\/span><\/div>\n
\n<\/div>\n
\nIn
\napplying the accruals concept in financial accounting, an aim is made to ensure
\nthat the profit is not overstated in 20X1, hence the expense in the Statement
\nof profit or loss account is increased and the current liability in the
\nStatement of financial position (balance sheet) is also increased as this is
\ntax which is expected to be paid in the next accounting period.<\/o:p><\/span>
\n
<\/span>
\n<\/p>\n
\nYours Sincerely,<\/o:p><\/span><\/div>\n
\nThe Friendly Team<\/span><\/p>\n<\/div>\n
\nThe Training Place of Excellence Limited<\/span><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

IAS 12 Income Taxes defines deferred tax liabilities as the amounts of income taxes payable in future periods in respect of taxable temporary differences. Temporary differences are differences between the carrying amount of an asset or liability in the statement of financial position (balance sheet) and its valuation for tax purposes. These temporary differences arise … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-176","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"yoast_head":"\nAccounting for Deferred Tax arising due to Capital Allowances - The Training Place Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thetrainingplace.org\/blog\/2016\/06\/accounting-for-deferred-tax-arising-due-to-capital-allowances\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Accounting for Deferred Tax arising due to Capital Allowances - The Training Place Blog\" \/>\n<meta property=\"og:description\" content=\"IAS 12 Income Taxes defines deferred tax liabilities as the amounts of income taxes payable in future periods in respect of taxable temporary differences. 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