2 incorporated charitable companies (X & Y) combine - both have a year end of 31st March
A transfer document states X is acquired by Y at 00:00 1st April 2021
I believe it's better practice to quote 23:59 or 00:01 to distinguish the intention of end of the year or beginning of the the next but if it says 00:00 it could be either??
Y receives the assets - Does the donation show as income on 31st March or 1st April?
thanks
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Yeah. I'd prefer to have it in the 31st March as then it's all tied off in the prior year. We could update the document to 00:00 31st March but you could argue that's the start of 31st March. so could be 23:59 31st March
It's probably legal question rather than accounts as to what else is affected, like TUPE for instance - I guess in that instance it would need to be 1st
anyhow onwards...