Looking at the model tax reconciliation for the Fair Tax Mark, I can’t see any difference from a normal tax rec.
In particular, though, the example has this large figure lumped in as “expenses not deductible for tax purposes”. Should this not be broken down and some clearer narrative given?
The criterion specifies that 75% of the reconciling items should be broken down to get full points. 75% is a hard thing to calculate when you have figures going in both directions (£2,491 is clearly more than 75% of the £136 difference to be reconciled), but £2,491 out of a tax charge of £20,951 looks fairly significant to me.
I know it’s not current GAAP to do so – I’ve had a lot of conversations with auditors and accountants who’ve just lumped things together that I’ve suggested shuld be broken down – but isn’t the point of the FTM to go above and beyond that?