Please can anyone guide me on the accounting treatment for back taxes identified after an Audit. Below is an illustration for clarity
HMRC Audited the company & identified taxes & penalties related to periods 2015 (GBP 10,000), 2016 (GBP 20,000) & 2017 (GBP 30,000)
The audit was completed & additional assessments were issued in financial year 2017/2018.
All the Taxes were paid in the financial year 2017/2018.
How should one account for these back taxes & is there any way they can be tax deductible for the financial year 2017/2018.
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