HMRC’s Business Income Manual has been updated (6 and 7 December 2022) in relation to its coverage of stock valuation. The changes are fairly extensive, and include (by way only of examples) the following:
- valuation bases – net realisable value v estimated selling price less costs to complete (BIM 33115)
- meaning of construction contracts (BIM 33025) (final sentence)
- meaning of work in progress (BIM 33020) (final para added)
- meaning of stock (BIM 33015) (second para amended)
Other changes are listed as follows:
- Tax and accountancy: timing of income and expenditure: GAAP
- Tax and accountancy: timing of income and expenditure
- Tax and accountancy: Property, plant and equipment
- Tax and accountancy: FRS15: renewals accounting
- Tax and accountancy: Substance over form: taxation implications
- Tax and accountancy: FRS5: Substance over form
- Tax and accountancy: materiality: an accountancy concept
- Tax and accountancy: events after the end of the reporting period
- Tax and accountancy: concepts and pervasive principles
- Tax and accountancy: GAAP
- Tax and accountancy: meaning of ‘international accounting standards’
- Tax and accountancy: meaning of ‘UK generally accepted accounting practice’
https://www.gov.uk/hmrc-internal-manuals/business-income-manual/updates
Related content from Claritax Books
Income Tax is a substantial single-volume guide, now in digital format, to all the income tax issues commonly faced by most accountants and tax practitioners.
