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suppose a comp prepares accounts for 15 month ended period 30 sept 2024
here how do we determine from where to where is 12 month a.p . what i mean is
case 1 if we take 12 months from sept 24 then the first a.p would be 1 sept 23- 30sept24 and the second a.p would be the prior 3 months being 1 june 23 – 30 aug 23.well this example i gave is part of a qtn of kaplan exam kit
so what theyve done is they took 12 months period as 1 july 23- 30 june 24 being first a.p
and second a.p being 3 mnths 1 july 24- 30 sept 24.im jut confused how do we know which months will fall into 12 month period nd which will not
The rules are very clear: when a company makes up a set of accounts that’s longer than 12 months, then for tax purposes it must be split into two chargeable accounting periods and the split is ALWAYS the same – the first 12 months of the long period is the first chargeable accounting period, and the second is the remainder of the long period (as per the example in the Kaplan kit).
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