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How do companies work out tax payable which is in the balance sheet and the tax expense in the income statement? But….If, for example the tax year is the same as the financial year(same year end as the financial statements), why is it that usually the tax actually paid is usually different from that of the financial statements?
I realize this might not exactly be in the F6 requirement, but if you could help me with the answer, i would appreciate it very much.
Thank you 🙂
Have you yet studied the Corporation tax section of the OT course notes along with the associated lectures as Corporation tax does not use the “tax year”!!
You need to work in a structured way through the notes and lectures rather than randomly question things you have not yet studied.
There may still be differences due to the application of accounting standards between figures in the CT computation and the figures in the Financial Statements as you will learn in F7 and P2
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