First year accounts (year to 30 April 2004) submitted with 2004 Return.
2003/4 - 1/5/03 - 5/4/04
2004/05 - 12 mos to 30 April 2004, overlap 1/5/03-5/4/04 c/fwd.
Accounts for the period 1/5/04 - 31/7/05 (date of cessation) to be submitted with 2006 Return.
Is it:
2005/06 - Profit of final 15 mos less overlap relief,
or:
2004/05 and 2005/06 both based on "actual"?
Many thanks
John Sharp
Replies (1)
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basis periods on cessation
2003/2004 - 1/5/03-5/4/04
2004/2005 - 1/5/03-30/4/04 (overlap 1/5/03-5/4/04 340 days)
2005/2006 - 1/5/04-31/7/05 (less overlap)
the final period is extended for 2005/2006 because the cessation takes place in 2005/2006 tax year.