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Extended period Corp Tax-Pls can some advise urgently?

knowledgeispowerknowledgeispower Just JoinedRegistered Posts: 31
Hi hope someone can help me please? I'm doing corp tax first time (free) and Ltd co's first year of trading has an extra 5 days of accounting period, which is fine and I understand that it's gotta be done.
However the director has had time off in the whole month so there was no income or expenses. Am I ok to enter zero to income etc? also what about b/s? can that be zero or just has to be the same as the first 52 weeks - and in that case won't it be a duplication?
Thanks in advance



  • knowledgeispowerknowledgeispower Just Joined Registered Posts: 31
    I love people who were born with experience ;-) Thanks for your input thou
  • knowledgeispowerknowledgeispower Just Joined Registered Posts: 31
    Ok yes I get it and you are right. And your second message is much more constructive as well. But I saw you commenting the exact same thing on someone else is post, so just put 2 and 2 together. No offence taken personally. Thanks God (Jesus' dad) btw there is no 's' after a word ending with an 's' ;-) have a good evening
  • WilloWillo Registered Posts: 10
    calm down 'god'

    constructive crit was all that was needed, not to down right insult them
  • WilloWillo Registered Posts: 10
    knowledgeispower should you still require any assistance let me :-)
  • TreadStoneTreadStone Feels At Home AAT Licensed Accountant Posts: 280
    This is the forum for Licensed Members right ?

    I think what mrme89 was inferring was, that as a Licensed Member, you should really know this information and how to deal with this particular situation before offering professional services (whether for free or not).

    Please try not to take offence :)

  • WilloWillo Registered Posts: 10
    I understand what he was trying to say, but no need to insult someone
  • knowledgeispowerknowledgeispower Just Joined Registered Posts: 31
    Thanks everyone. I shall get on with building my ark...Will be in touch Willo & God. have a good day all
  • CeeJaySixCeeJaySix Well-Known Registered Posts: 645
    Well that brightened my Friday afternoon.
  • MarausaMarausa Just Joined Manchester & WiltshireRegistered Posts: 4
    This is why I am thinking of leaving the AAT. Where are the mentors ? People seem to be happy to criticise but never help someone learn the best way.
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    edited September 2016
    mrme89 said:

    My experience is that because you are an unpaid mentor, you are not valued.

    Depends if you're as ascerbic to your mentees as you are on here ;)

    I used to have many mentees and never found it onerous.

    As I have sold my practice to be a full time mum I am unable to be a mentor at present.

  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    Mummy brain has stolen my ability to spell. It's one of many sad facts of life right now!

    I was being flippant. One of my pet hates on forums is snarking at people that they just shouldn't do the work, without imparting the knowledge that would assist in the future. We were all beginners once and there are ways and ways of telling people that won't get their backs up.

    OP: go back and look at how to do CT returns for periods longer than 365 days. You split the turnover, profits, etc across in days. This did used to be covered in the Busienss Tax AAT exam.
    Or, if there wasn't any trading in a relevant period, you could shorten the AP to cover 365 or fewer days meaning only one CT600 would need completing.
    I do think you should be passing this over if you aren't sure.
  • babsababsa Well-Known Registered Posts: 118
    the CT split is still covered in the Business Tax unit I did it last year.

    I would like to ask a question myself.

    The company was incorporated on the 24th March 2015 and didn't start trading until the VAT number came through in the July time.( Both applied for at the same time but it took HMRC month to issue the VAT number).

    I have file the accounts with Companies House to the 31st March 2016.

    If I enter the accounting dates with HMRC as 24 Mar 15 - 23 Mar 16, 24 Mar 16 - 31 Mar 16.

    the company only traded from July 15 - 31st March 16.

    If I tried to file the accounts 1 Apr 15 - 31 Mar 16 but HMRC website didn't like this and only gave me the option to file 24 Mar 15 - 31 Mar 16.

    Am I right in thinking that I will have to file 2 CT returns. one for 366 days and for 7 days.

    Thank you for anyone's help.

  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,431
    edited September 2016
    Did you write to HMRC to inform them the company started trading in July 2015?
  • babsababsa Well-Known Registered Posts: 118
  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,431
    If you had notified HMRC with date when trade started and when you wanted to draw accounts to they would have sent a notice with the correct dates.
    The CAP can not exceed 12 months so I believe you will have to file 2 returns. One for the dormant period and one for start of trade to y/e.
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    You can tell HMRC now that you want to do a CT return from Jul to 31 MArch as thats when they started trading, and they will then adjust the AP for you. Saves doing 2 returns
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