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Getting tax filer to correctly assess and spread transitional profits

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I've been going around in circles for a few weeks now trying to get Taxfiler to correctly assess/spread transitional profits with two sets of accounts.  Will happily admit if user error here, and you might have all figured it out weeks ago but having finally done it, thought I'd share in case others are having same issue.  Firstly I ran the data through hmrc transitional profits calculator and then as previously suggested, told it I was submitting on paper so I got the box numbers it wanted.  Entered first accounting period (full year) data, took a PDF of it and deleted it.  Then entered data for second 6 month period (dates should be for full period, in my case 18 months).  On adjustment tab of the s/e section, you enter the amount you need to bring second set of accounts profit up to original full year figure (the online calculator gives you this if you use it), on the "adjustment to arrive at profits for basis period", next boxes were overlap b/f and used this year, giving adjusted profit of original twelve month figures.  Then in transitional profit section, first figure is 6 month period of profit, total TP is that figure, less overlap, taxable is 1/5 of that and c/f is remaining 4/5.  No errors.  Tax calculated on original 12 months, plus further down 1/5, and NI calculated on totals.  Sorry if bit long winded, but it worked.

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By Matrix
05th Jun 2024 19:11

Thanks so much for doing this.

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