[wayneg]

Hello Tutor
Ref to F6 chapter 6, basis periods
Sorry yes you are correct the accounts prepared to should have been 31/12/15
I also realize I was trying to answer more than 1 Question with differing conditions
And mixed them together.
So Question 1,
Trading Start date 01/01/15
Accounts prepared to 31/12/15
Period to 31/12/15 £30,000
Y/E to 31/12/16 £60,000
The Answer I came to was
14/15. Actual (01/01/15 – 05/04/15)
3/12x 30,000 7,500
15/16. 1st 12m
(01/01/15 – 31/12/15)
Period to 31/12/15 30,000
16/17. CYB A/C. Y/E 31/12/16 60,000
Overlap Profit 01/01/15 – 05/04/15 (3/12x 30,000) 7,500
Have I got this right, and is the presentation of the answer acceptable.

Question 2
How to treat and present 12 month trading period that is equal to a tax year
Trading Start date 01/04/15
Accounts prepared to 31/03/16
Period to 31/03/16 £30,000
Y/E to 31/03/17 £60,000
Here I came up with two possible solutions (both of which are probably horribly wrong)
1, present the 1st 5 days (normally ignored) as 14/15
14/15 Actual 01/04/15 – 05/04/15 0/12x 30,000
15/16. 1st 12m. 01/04/15 – 31/03/16 30,000
16/17. CYB. A/C Y/E 31/03/17 60,000

2, Ignore the 1st 5 days
15/16 Actual 01/04/15 – 31/03/16
Period to 31/03/16 30,000
16/17 CYB. A/C Y/E 31/03/17 60,000
If horrible wrong I am obviously still missing something and a hint would be appreciated
Regards Wayneg

[Author]

Posts