Help with basis period..

PatsyC

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

burg

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.

PatsyC

Thank you for your help.