Tax payable

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April 4, 2019 at 3:40 pm #511205
mrjones
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Hi, I was just wondering why is the tax payable figure is an accounting estimate, and not just the amount of tax due on the CT600?
April 4, 2019 at 7:17 pm #511233
P2-D2
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Hi,

The estimate is likely to be the figure on the tax return, so it may change following submission to the tax authorities.

It is an accounting estimate per IAS 8 as if there are changes to it then it is adjusted prospectively, it is not a prior year error.

Thanks
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