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Limited Company Accounts for more than 12 months

jiltjilt Font Of All KnowledgeRegistered Posts: 2,903
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?

Comments

  • deanshepherddeanshepherd Font Of All Knowledge Registered Posts: 1,809
    Nope. You have to assume profits accrue evenly. If it is advantageous to do so you could prepare two sets of accounts.
  • jiltjilt Font Of All Knowledge Registered Posts: 2,903
    Thanks Dean, was worth a try :-)
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