Fact sheets: Corporate Business Tax

Due to the ever changing tax legislation and commercial factors affecting your company, it is
advisable to carry out an annual review of your company's tax position.

The Criminal Finances Act 2017 (CFA) came into effect on 30 September 2017, and makes companies and partnerships criminally liable for failing to prevent their employees from criminally facilitating tax evasion. A potential defence can be utilised, in cases where the business has put into place a system of reasonable prevention measures. The CFA does not change what tax fraud is, just who may be liable. Here, we take a look at the key
aspects of the Act and the implications for your business.

Small companies, which qualify as ‘micro-entities’, have a choice of accounting standards:
• to use the same accounting standard – FRS 102 – as larger UK companies but using a reduced disclosure regime (section 1A) within the standard, or
• to apply an alternative standard - FRS 105.