tax returns 1st year of trade
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hello everyone
please could someone advise me of the following
start trade 01/01/06
year end 05/04
tax year basis period
2005/06 01/01/06-05/04/06
2006/07 06/04/06-05/04/07
the accounting period on the self employment pages would be the same as the basis period and no overlap profits. only assess 3 months profit for 2005/06 then the full year 2006/07.
Does anyone agree or disagree, i would appreciate any feedback
thanks guys
please could someone advise me of the following
start trade 01/01/06
year end 05/04
tax year basis period
2005/06 01/01/06-05/04/06
2006/07 06/04/06-05/04/07
the accounting period on the self employment pages would be the same as the basis period and no overlap profits. only assess 3 months profit for 2005/06 then the full year 2006/07.
Does anyone agree or disagree, i would appreciate any feedback
thanks guys
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Comments
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Re:tax returns 1st year of trade
Hi
I can't believe I've just passed an exam in this and I had to look the answer up!!
Anyway yes you are right, because the year end date is the tax year end date there are no overlap profits.
jes0 -
Re:tax returns 1st year of trade
I know, I actually took ptc and btc in june, but I thought I'd better check. Just doubting myself.
thanks very much.
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