Accounting Period

[malster]

Hi All,

Probably a silly question...

My accounting period end date is currently 31/07/2012 because I incorporated my ltd company in July this year.

I want to align my accounting period with the tax year, I know I have to fill out an AA01 form. However which date do I choose for my FYE? March/April 2012 or extend to March/April 2013, or does it even matter which?

Thanks

[Greg@CapitalCity]

Best to shorten your accounting period to 05 Apr 2012.

It is possible to extend an accounting period, but only up to 18 months from the start of the current accounting period. So if you formed your company on 15 July 2011, you would only be able to extend the company accounting period to 14 Jan 2013.

Business link also have handy info on this at Accounting reference dates | Business Link

[AtW]

Best to shorten your accounting period to 05 Apr 2012.

I'd recommend shortening to 31/03/2012 (made mistake at doing it 5 April, no benefit at all)

[Waldorf]

Hi All,

Probably a silly question...

My accounting period end date is currently 31/07/2012 because I incorporated my ltd company in July this year.

I want to align my accounting period with the tax year, I know I have to fill out an AA01 form. However which date do I choose for my FYE? March/April 2012 or extend to March/April 2013, or does it even matter which?

Thanks

WHY?

[xoggoth]

I'd agree with aTW. Not entirely sure but think you have to fill out a CT return and do the accounts to support it for each 12 months if the accounting period is longer, so for March/April 2013 you would still need to fill in a ghastly online form for year ending july 2012 and then another for the 9 months ending March 2013.

Tax year for companies best aligned with fiscal year, 1st April-30th March which saves having to apportion various rates over different years when calculating CT. Don't think there are any other good reasons.