Change of accounting date for LLP & basis periods

How do I treat the basis periods for an LLP changing its period end

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I have a client which is an LLP with a 31 December year end.  They intend changing to 31 March 2024 year because of the basis period reforms and I am wondering how this will work for the individual members.

I know a 15 month accounting period set of accounts is required for Companies House, however, are we required to pro-rate a 15 month period to get the normal and transition profits or can we prepare separate 12 month and 3 month accounts to obtain this?

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By Ardeninian
25th May 2024 07:01

Either.

If you prepare 15 month accounts then pro rate. If you do 2 sets, 12 months then 3 months, then the 3 months will be the transition profit. Read Emma Rawson’s excellent article:

https://www.accountingweb.co.uk/tax/hmrc-policy/putting-the-record-strai...

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By Tax Dragon
25th May 2024 07:53

If it's 15 months for CH then it's 15 months for HMRC.

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Replying to Tax Dragon:
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By Paul Crowley
25th May 2024 13:16

Agree
There can only be one, set of accounts. (apologies to Highlander)

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By LJohnstone
28th May 2024 13:30

Thanks for the replies. Tax Dragon said what I was thinking would be the case.

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