f u r t h e r f e at u r e s o f c o m pa n y a c c o u n t s Corporation tax There is one aspect of corporation tax that you will regularly encounter in company accounts, but which did not appear in Wingate's accounts. Deferred tax As I said when we talked about tax in the last session, taxable income is usually different from profit before tax. Frequently, this is because Revenue & Customs make adjustments which, while they reduce the tax- able income in the current year, will increase it in future years. In other words, the amount of tax to pay does not change but the timing of the payment does. In such cases, companies allow for the fact that they may have to pay this extra tax some time (which can be several years) in the future, by recog- nising a liability to the taxman called deferred tax. You will see this on