Accelerated payment notices
In this edition of a series of views and commentary on FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Financial Reporting Faculty staff answer some of your questions regarding APNs for corporation tax. It does not apply to APNs for other taxes eg, PAYE or NICs. It is not intended to be a definitive or comprehensive analysis of the many issues and scenarios regarding APNs that have come to our attention. This update was originally published in May 2015 as a Technical Enquiry Helpsheet. This version has been updated to reflect the requirements of FRS 102. Updated October 2017.
This FRS 102 Update examines whether receipt of an Accelerated Payment Notice (APN) affects the amount to be provided for corporation tax payable in a company’s accounts under UK GAAP.
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland 1 requires that current tax be measured at the amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting date (FRS 102.29.5).