Limited Company Accounts for more than 12 months

jilt

I have a limited company client with a first year period of 09.08.10 to 31.08.11

Previously when I've had acounts to produce for a period of more than 12 months I've simply taken a daily average to calculate the profit for each tax return. In this case there is only one transaction after the 08.08.11 and wondered should I simply use that figure on the return dated 09.08.11 to 31.08.11 rather than splitting profit, depreciation and capital allowances for the whole period?

deanshepherd

Nope. You have to assume profits accrue evenly. If it is advantageous to do so you could prepare two sets of accounts.

jilt

Thanks Dean, was worth a try :-)