Help with basis period..

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PatsyC
PatsyC Registered Posts: 27 New contributor 🐸
in General accounting discussion
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

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  • burg
    burg Registered, Moderator Posts: 1,441 mod
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    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,

    Burg
  • PatsyC
    PatsyC Registered Posts: 27 New contributor 🐸
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    Thank you for your help.

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