Help with basis period..
PatsyC
Registered Posts: 27 New contributor 🐸
Hi could someone please help confirm I am on the right lines with a basis period for a new clients SA form?
They started trading in Nov 2013, the previous accountant completed the SA for 13/14 to the period ending 5/4/14. The actual accounting period is 1/11 to 31/10 each year.
I have now been asked to take them on and I think that for 14/15 SA the period I should report is 1/11/13 to 31/10/14, is this correct or am I going number blind?
Thank you
They started trading in Nov 2013, the previous accountant completed the SA for 13/14 to the period ending 5/4/14. The actual accounting period is 1/11 to 31/10 each year.
I have now been asked to take them on and I think that for 14/15 SA the period I should report is 1/11/13 to 31/10/14, is this correct or am I going number blind?
Thank you
0
Comments
-
You are correct in the accounting period if the client intends to use 31 Oct as the year end date. By default, unless there is any advantage, I advise most clients to simply fo to 31 Mar / 5 Apr in the first year and then each year from then. So the first year is a short period. Saves messing around with basis periods and potential overlap profits.Regards,
Burg0 -
Thank you for your help.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