[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-664043-105":59,"doc-detail-664043-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","business-profits-toolkit-2017-18-self-assessment-and-company-tax-returns","Business Profits Toolkit - 2017-18 Self-Assessment and Company Tax Returns","","Business Profits Toolkit explains common risks that can lead to incorrect tax returns for small and medium-sized businesses. It supports tax agents and advisers preparing 2017-18 Income Tax Self-Assessment returns and Company Tax Returns, using UK GAAP as the basis for computing taxable profits. The guidance covers risk areas such as record keeping, inclusion of business income, correct treatment of expenditure, and outlines practical checklists with risk mitigation. Use is voluntary and depends on the applicable law and facts.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/business-profits-toolkit-2017-18-self-assessment-and-company-tax-returns/664043/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/business-profits-toolkit-2017-18-self-assessment-and-company-tax-returns/664043.png","ImageObject",300,407,{"name":92,"@type":93},"Jordan Avery","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-30","2026-10-29",true,{"@type":102,"interactionType":103,"userInteractionCount":81},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"Who is the toolkit intended to help?","Question",{"text":112,"@type":113},"The toolkit is aimed at supporting tax agents and advisers by guiding them on common errors relating to business profits for small and medium-sized businesses. It can also help those completing specific UK tax self-assessment or company tax returns for business income.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"Which accounting basis does the toolkit rely on?",{"text":117,"@type":113},"The toolkit is based on the use of UK GAAP and covers general risk areas in computing taxable profits. It is not intended for sole traders and partnerships using the cash basis or for companies using IFRS.",{"name":119,"@type":110,"acceptedAnswer":120},"What are the key record-keeping and profit computation risks?",{"text":121,"@type":113},"Poor record keeping can cause income or allowable expenditure to be omitted, leading to incorrect profit or loss. The toolkit emphasizes including all business income and business expenditure, typically on the accrual basis, and making tax-appropriate adjustments.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},664043,1793237947,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":81,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":129,"read_time":144},1099523882367,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","Business Profits Toolkit  \n2017-18 Self-Assessment and Company Tax Returns  \nPublished July 2018  \nIndex  \nIntroduction .................................................................................................................................. 3  \nAreas of risk within business profits ............................................................................................. 3  \nUsing links within this document .................................................................................................. 5  \nChecklist for business profits........................................................................................................ 6  \nExplanation and mitigation of risks............................................................................................. 10  \nEffective from 6 April 2018 2  \nIntroduction  \nTax agents and advisers play an important role in helping their clients to get their tax returns correct. This toolkit is aimed at helping and supporting tax agents and advisers by providing guidance on the errors we find commonly occur in relation to business profits for small and medium sized businesses. It may also be helpful to anyone who is completing an Income Tax Self-Assessment Tax Return for a sole trader or partnership or a Company Tax Return using UK Generally Accepted Accounting Practice (UK GAAP) .  \nThis version of the toolkit was published in July 2018. The risks in this toolkit have been reviewed and updated where necessary for 2017-18 and are applicable for financial years commencing 6 April 2017 for Income Tax Self-Assessment Tax Returns and 1 April 2017 for Company Tax Returns. Its use is entirely voluntary.  \nThe content of this toolkit is based on our view of how tax law should be applied. Its application to specific cases will depend on the law at the relevant time and on the precise facts.  \nFor further information on using this toolkit and reasonable care under our penalty system see Tax Agents toolkits.  \nFor guidance on matters not dealt with in this toolkit you should refer to our Business Income Manual (BIM) and Company Taxation Manual (CTM) .  \nAreas of risk within business profits  \nThis toolkit is based on the use of UK GAAP and is not intended to be used by sole traders and partnerships that use the cash basis for calculating their taxable income or by companies which have adopted International Financial Reporting Standards (IFRS) . It covers general areas of risk seen when computing taxable profits. Other toolkits address risks that are more specific to particular areas such as Directors’ Loan Accounts and Capital Allowances for Plant and Machinery etc. For a full list of available toolkits please see Tax Agents toolkits.  \nThis toolkit does not reflect any differences which may arise from the application of:  \n􀁸 The cash basis which is available from 2013-14 for the simplest sole trader and partnership small businesses. For further information see BIM70000+  \nIn computing taxable profits the general principle is that the starting point is accounts prepared in accordance with generally accepted accounting practice (‘GAAP’), and the commercial profits are then adjusted in accordance with the provisions of the Taxes Acts. This means that if there are no relevant tax rules or principles which affect a particular item of income or expenditure , then GAAP will determine the amount of the taxable profit.  \nRecord keeping  \nGood record keeping is essential. Poorly kept records can result in sales or allowable expenditure being omitted from the accounts or returns and consequently the level of profits or losses may be incorrect.  \nBusiness income  \nIt is important that all business income is included in the accounts. This should normally be included on the accrual basis of accounting to ensure that the correct profit or loss is established. Business income can include income that is not immediately obvious, for example scrap sales, contra or barter arrangements etc. To as","cbCaiovm9u45J2Et","https://ap.wps.com/l/cbCaiovm9u45J2Et","pdf",1075946,27,"English","# Index\n## Introduction\n## Areas of risk within business profits\n## Using links within this document\n## Checklist for business profits\n## Explanation and mitigation of risks","[{\"question\":\"Who is the toolkit intended to help?\",\"answer\":\"The toolkit is aimed at supporting tax agents and advisers by guiding them on common errors relating to business profits for small and medium-sized businesses. It can also help those completing specific UK tax self-assessment or company tax returns for business income.\"},{\"question\":\"Which accounting basis does the toolkit rely on?\",\"answer\":\"The toolkit is based on the use of UK GAAP and covers general risk areas in computing taxable profits. It is not intended for sole traders and partnerships using the cash basis or for companies using IFRS.\"},{\"question\":\"What are the key record-keeping and profit computation risks?\",\"answer\":\"Poor record keeping can cause income or allowable expenditure to be omitted, leading to incorrect profit or loss. The toolkit emphasizes including all business income and business expenditure, typically on the accrual basis, and making tax-appropriate adjustments.\"}]","Business Profits Toolkit - 2017-18 Self-Assessment and Company Tax Returns | PDF",68]