Basis Periods
anniebabe
Registered Posts: 595 Epic contributor 🐘
Hi Guys
Does anyone have any top tips on basis periods - been looking at this a few days now - thought I had understood it - but looking at it again - its just not making sense now
Thanks
Does anyone have any top tips on basis periods - been looking at this a few days now - thought I had understood it - but looking at it again - its just not making sense now
Thanks
0
Comments
-
Hi Annie,
I'm having the same problem. I have the exam end of this month, and I feel like nothing is sinking in....especially this.
I am going over it now, so I will let you know if I think I've figured this out. Probably tomorrow lol
Fingers crossed0 -
Okie Dokie Diddy Mau
I have ended up drawing a date line - its the 2nd tax year that seems to be confusing me.
My exam isnt for 7 weeks.
Its got to click soon - surely gulp0 -
sort of remember all of this from a few years ago. It takes a bit to get your head around but try these
http://forums.aat.org.uk/showthread.php?27466-Basis-Periods&p=201441#post201441
http://forums.aat.org.uk/showthread.php?27467-Basis-period-help-please&highlight=basis+periods
http://forums.aat.org.uk/showthread.php?22772-Basis-periods&highlight=basis+periods
HTH0 -
thanks for those link - will have a look now.0
-
For Anniebabe.
I have these notes condensed down, just need to get my head around them and remember:
1st tax year, start of trade until 5 april. Profits may need to be approtioned.
2nd tax year,
3 options
1. No period of accounts in 2nd tax year, basis period 6 april to 5 april in 2nd year
2. Period of accounts in 2nd tax year, less than 12 months, Basis period start of trade for 12 months
3. Period of accounts in 2nd tax year, more than 12 months, Basis period is 12 months to the accounting date ending in year 2.
3rd tax year
12 months ending on the accounting date in the 3rd tax year
4th tax year etc...
Normal current year basis
Hopefully
1, this helps
2, it's right:huh:0 -
Hello,
thanks for the reply, I am still working at this today, hopefully the penny will drop soon.0 -
Thanks Diddy Mau, just what i needed before my BTAX exam on Monday! :thumbup1:0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 318 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 87 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 273 Tax
- 135 Bookkeeping
- 7.2K General accounting discussion
- 200 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership