Corporation tax for a 15 months

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DCollins replied

6 January 2008, 20:30
Originally posted by david@purpleaccounts.com View Post

An accounting period can be up to 18 months but no less than 6 months. The ARD indicates when accounts are to be made up to and determines when the Annual Return is due.
For tax purposes, a period can be no longer than 12 months. This means that if you have a 15 month accounting period, you will need to prepare 2 tax returns covering the 15 month period, and you will need to apportion the taxable profits as appropriate.

Thanks Dave for reply.
I think I got the CT part clarified, need to scratch my head for annual accounts. I thought both have to be aligned for same period.
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david@purpleaccounts.com replied

1 January 2008, 14:32
Originally posted by DCollins View Post

I recently changed my ARD to align with my business start date thus accumulating 15 months for FY 06-07.

Revenue informed me that I need to pay CT 2 times one for 12 months and another for remaining 3 months.

Is there a way to get the CT paid once for whole 15 months rather than paying 2 times which will basically buy me another 3 months of time.

I was under assumption that I've to pay CT to align with ARD and only at once for entire accounting period.

Any inputs?
Merry X-mas

An accounting period can be up to 18 months but no less than 6 months. The ARD indicates when accounts are to be made up to and determines when the Annual Return is due.
For tax purposes, a period can be no longer than 12 months. This means that if you have a 15 month accounting period, you will need to prepare 2 tax returns covering the 15 month period, and you will need to apportion the taxable profits as appropriate.
Leave a comment:
DCollins started a topic Corporation tax for a 15 months

24 December 2007, 15:46
Corporation tax for a 15 months

I recently changed my ARD to align with my business start date thus accumulating 15 months for FY 06-07.

Revenue informed me that I need to pay CT 2 times one for 12 months and another for remaining 3 months.

Is there a way to get the CT paid once for whole 15 months rather than paying 2 times which will basically buy me another 3 months of time.

I was under assumption that I've to pay CT to align with ARD and only at once for entire accounting period.

Any inputs?
Merry X-mas
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