balance sheet queries!

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parisstanojevic
parisstanojevic Registered Posts: 2 New contributor 🐸
in General accounting discussion
This is my first forum post so apologies if it is posted in the incorrect place, but urgent help is needed!

I have a client who has ceased trading in 2011/12 and I am a little unsure on a few aspects. I would appreciate any replies in time to submit the SATR.

1) The client only had two transactions within 2011/12, therefore is it necessary to construct a balance sheet again this year?

2)Should I 'wind up' the business ie write down all of the assets? As trading was ceased for the majority of the tax year, but then started trading again in the new tax year. Still under the same name etc.




Thank you so much!
I look forward to hearing your replies.

Comments

  • burg
    burg Registered, Moderator Posts: 1,441 mod
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    Apologies for the quick reply it is January after all.

    No need to do a balance sheet.

    I would just apportion any WDA's claimed to the actual trading in the year and continue the same trade next year rather than ceasing it and re-starting it.
    Regards,

    Burg
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    agree with Ian :)

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