S/T Year End date Question...

S/T Year End date Question...

Didn't find your answer?

I usually tend to use 5th April as year end date whenever I can, but this is the first time I've had a client who's first year is so close to the tax year end.

I would have thought it's simpler to do a first set of accounts over a 13 month period (so his firct year end will be 31st March 06), but how does this affect his year's tax return? Do I estimate his first month's profit and enter that? Do I have to c/f that as overlap profit next year?

Any advice would be welcome!
Thanks,
Joanne
Joanne Hewitt

Replies (1)

Please login or register to join the discussion.

avatar
By adam.arca
01st Aug 2005 12:42

Yes, use an estimate
Enter your estimate for 3/05 in the box on page SE3 which allows for adjustments to the taxable profit b/f from SE2, but in this case SE2 will be blank. Also advisable to enter an explanation in the white space.

Next year, reverse your estimate as a negative adjustment in the same box against the 13 months profit you will be reporting on SE2.

Thanks (0)