Limited Company Accounts for more than 12 months
jilt
Registered Posts: 2,892 Beyond epic contributor 🧙♂️
I have a limited company client with a first year period of 09.08.10 to 31.08.11
Previously when I've had acounts to produce for a period of more than 12 months I've simply taken a daily average to calculate the profit for each tax return. In this case there is only one transaction after the 08.08.11 and wondered should I simply use that figure on the return dated 09.08.11 to 31.08.11 rather than splitting profit, depreciation and capital allowances for the whole period?
Previously when I've had acounts to produce for a period of more than 12 months I've simply taken a daily average to calculate the profit for each tax return. In this case there is only one transaction after the 08.08.11 and wondered should I simply use that figure on the return dated 09.08.11 to 31.08.11 rather than splitting profit, depreciation and capital allowances for the whole period?
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Nope. You have to assume profits accrue evenly. If it is advantageous to do so you could prepare two sets of accounts.0
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Thanks Dean, was worth a try :-)0
