eric the accountancy king - free help needed again!
Discussion
Sorry if we're all taking the pee somewhat recentely! but..
have to fill in new company details form and it says the date on which the companies period began. The company was incorporated 18th march but the first cheque i have is dated 19th march. what should I put - 31st feb or march? Is this ok etc?
humble thanks yet again!
have to fill in new company details form and it says the date on which the companies period began. The company was incorporated 18th march but the first cheque i have is dated 19th march. what should I put - 31st feb or march? Is this ok etc?
humble thanks yet again!
it was a leap year thoughI presume that you are completing the Corporation Tax form CT41G - which is where you tell HM Revenue and Customs about the basic details of your new company.
The company can have a number of "start" dates.
The first "start" date is the Date of Incorporation". This will be shown on the Certificate of Incorporation.
The second "start" date is the date the company commenced trading. This can be ascertained ina anumnber of different ways.
You can chose the Incorporation Date if you wish. Or you can chose the day the company opened its bank account or the date the company started buying services and goods or the day the company made its first sale.
If all these dates are fairly close together, then just pick the earliest relevant one.
The Revenue will also want to know to what date you intend to make up the company's annual accounts. Unless you specifically tell Companies House what date you want for your normal year end, THEY will allocate the date for you - and you need to know this date when completing the CT41G for the Revenue.
If you haven't made any firm decision as to what your year end is going to be, check your company details at Companies House and you will see what year end you have been allocated.
If you don't like that year end, you can always apply to Companies House to have it changed.
The company can have a number of "start" dates.
The first "start" date is the Date of Incorporation". This will be shown on the Certificate of Incorporation.
The second "start" date is the date the company commenced trading. This can be ascertained ina anumnber of different ways.
You can chose the Incorporation Date if you wish. Or you can chose the day the company opened its bank account or the date the company started buying services and goods or the day the company made its first sale.
If all these dates are fairly close together, then just pick the earliest relevant one.
The Revenue will also want to know to what date you intend to make up the company's annual accounts. Unless you specifically tell Companies House what date you want for your normal year end, THEY will allocate the date for you - and you need to know this date when completing the CT41G for the Revenue.
If you haven't made any firm decision as to what your year end is going to be, check your company details at Companies House and you will see what year end you have been allocated.
If you don't like that year end, you can always apply to Companies House to have it changed.
Eric Mc said:
I presume that you are completing the Corporation Tax form CT41G - which is where you tell HM Revenue and Customs about the basic details of your new company.
The company can have a number of "start" dates.
The first "start" date is the Date of Incorporation". This will be shown on the Certificate of Incorporation.
The second "start" date is the date the company commenced trading. This can be ascertained ina anumnber of different ways.
You can chose the Incorporation Date if you wish. Or you can chose the day the company opened its bank account or the date the company started buying services and goods or the day the company made its first sale.
If all these dates are fairly close together, then just pick the earliest relevant one.
The Revenue will also want to know to what date you intend to make up the company's annual accounts. Unless you specifically tell Companies House what date you want for your normal year end, THEY will allocate the date for you - and you need to know this date when completing the CT41G for the Revenue.
If you haven't made any firm decision as to what your year end is going to be, check your company details at Companies House and you will see what year end you have been allocated.
If you don't like that year end, you can always apply to Companies House to have it changed.
Thanks eric - just to confirm is the the date the company started trading the date on which the company's first accounting period began?The company can have a number of "start" dates.
The first "start" date is the Date of Incorporation". This will be shown on the Certificate of Incorporation.
The second "start" date is the date the company commenced trading. This can be ascertained ina anumnber of different ways.
You can chose the Incorporation Date if you wish. Or you can chose the day the company opened its bank account or the date the company started buying services and goods or the day the company made its first sale.
If all these dates are fairly close together, then just pick the earliest relevant one.
The Revenue will also want to know to what date you intend to make up the company's annual accounts. Unless you specifically tell Companies House what date you want for your normal year end, THEY will allocate the date for you - and you need to know this date when completing the CT41G for the Revenue.
If you haven't made any firm decision as to what your year end is going to be, check your company details at Companies House and you will see what year end you have been allocated.
If you don't like that year end, you can always apply to Companies House to have it changed.
It should be really - although it is not that big a concern if it is out either side by a few days.
For Corporation Tax purposes, the Revenue will expect you (or your accountant) to complete a Corporation Tax return and related tax computations from the date of comencement of trading to the anniversary date i.e the first 365 days of trading.
A second return and computatuins will cover from Day 366 to the actual financial yrear end date.
Only one set of accounts covering this period needs to be prepared. The Revenue simply time apportion the profit between the first 365 days and the subsequent number of days up to the end of the financial year.
Once this rather complicated 1st period is out of the way, all further Corporation Tax returns will cover the normal accounting year of the company
For Corporation Tax purposes, the Revenue will expect you (or your accountant) to complete a Corporation Tax return and related tax computations from the date of comencement of trading to the anniversary date i.e the first 365 days of trading.
A second return and computatuins will cover from Day 366 to the actual financial yrear end date.
Only one set of accounts covering this period needs to be prepared. The Revenue simply time apportion the profit between the first 365 days and the subsequent number of days up to the end of the financial year.
Once this rather complicated 1st period is out of the way, all further Corporation Tax returns will cover the normal accounting year of the company
Eric Mc said:
It should be really - although it is not that big a concern if it is out either side by a few days.
For Corporation Tax purposes, the Revenue will expect you (or your accountant) to complete a Corporation Tax return and related tax computations from the date of comencement of trading to the anniversary date i.e the first 365 days of trading.
A second return and computatuins will cover from Day 366 to the actual financial yrear end date.
Only one set of accounts covering this period needs to be prepared. The Revenue simply time apportion the profit between the first 365 days and the subsequent number of days up to the end of the financial year.
Once this rather complicated 1st period is out of the way, all further Corporation Tax returns will cover the normal accounting year of the company
thanks eric For Corporation Tax purposes, the Revenue will expect you (or your accountant) to complete a Corporation Tax return and related tax computations from the date of comencement of trading to the anniversary date i.e the first 365 days of trading.
A second return and computatuins will cover from Day 366 to the actual financial yrear end date.
Only one set of accounts covering this period needs to be prepared. The Revenue simply time apportion the profit between the first 365 days and the subsequent number of days up to the end of the financial year.
Once this rather complicated 1st period is out of the way, all further Corporation Tax returns will cover the normal accounting year of the company
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