Accounting Reference Dates

[SmallBizSoftware]

Would appreciate some help please as I am really confused with my ARD, probably my mistake but here is the history:

Ltd co incorporated Nov 2008
Advised tax office that trading commenced 1st Jan 2009.
Submitted form to amend ARD to 31st march (thinking it was helpful to have ARD equal to tax year)
First annual return sent to co house for period to Nov 2009 (list of directors, SIC code etc)

I have now been sent a CT600 short form for corp tax for the period 1st jan to 31st dec 2009. Naively I thought that it would be for the period to 31st march (new ARD).

Does that mean I need to keep 2 sets of accounts, jan to dec for corp tax and April to March for annual return (to match ARD)?

thanks
Graham

 

[David Griffiths]

A corporation tax accounting period cannot exceed 12 months. If your first account are to be drawn up to 31 March 2010 you are going to have to complete two CT returns based on the one set of accounts - 01/01/09-31/12/09 and 01/01/10-31/03/10

One set of accounts is fine but you need two sets of tax computations to apportion the profit.

Have you told HMRC that the accounting year end has changed? Submitting the form to Co House doesn't mean that HMRC know.

 

[Ray Coman]

Commencement of trading would be the start of a new accounting period. Therefore your first period is November to the end of December. It may not be necessary to apportion profits if this were the case.

 

[David Griffiths]

Commencement of trading would be the start of a new accounting period. Therefore your first period is November to the end of December. It may not be necessary to apportion profits if this were the case.

:| But the accounts are to 31 March :|

 

[Ray Coman]

David, Agreed, there is a fifteen month period, which is split into the first twelve months and the remainder for corporation tax purposes.