Matt L
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Registered: 17th Apr 06
User status: Offline
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ii) If accounts are prepared to a date in the second year which is less than 12months after the business started, then assessment is the profits for the first 12months trading.
i keep reading that paragraph and it is making no sense to me at all  i fecking hate basis periods 
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Jay
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Registered: 26th Sep 04
Location: Liverpool
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How can it be the 2nd year if its less than 12 months since the business started?
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Robbo
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Registered: 6th Aug 02
Location: London
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that sentence doesnt make any sense wrt basis periods
jeez basis periods are EASY... just write down the 3/4 possibilities and memorise them
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Ellis
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Registered: 11th Sep 07
Location: Aberdeenshire
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Sounds like one of those statements that keeps lawyers in a job
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Matt L
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Registered: 17th Apr 06
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quote:
Originally posted by Robbo
that sentence doesnt make any sense wrt basis periods
jeez basis periods are EASY... just write down the 3/4 possibilities and memorise them
this text book is completely throwing me, care to explain them in terms id understand??
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Charlton
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Registered: 20th Mar 07
Location: Newcastle
User status: Offline
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quote:
Originally posted by Ellis
Sounds like one of those statements that keeps lawyers in a job
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Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Matt L
quote:
Originally posted by Robbo
that sentence doesnt make any sense wrt basis periods
jeez basis periods are EASY... just write down the 3/4 possibilities and memorise them
this text book is completely throwing me, care to explain them in terms id understand??
i wud if i cud remember them mate
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K17STY
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Registered: 13th Dec 02
Location: West Lothian
User status: Offline
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Is it not the case that the second year doesnt mean after 12 months, it will be like the new financial year starts in april. So in April you are in the second year but could only have been open for 2 months.
[Edited on 27-11-2008 by K17STY]
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MarkM
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Registered: 11th Apr 01
Location: Liverpool
User status: Offline
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You can set your year end accounts at any date in the year...it doesnt have to be a year after the company was incorporated...
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RS6
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Registered: 5th Nov 03
Location: with MJ
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Zzzzzzzzzzz
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Daimo B
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Registered: 20th Mar 00
User status: Offline
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quote:
Originally posted by Robbo
quote:
Originally posted by Matt L
quote:
Originally posted by Robbo
that sentence doesnt make any sense wrt basis periods
jeez basis periods are EASY... just write down the 3/4 possibilities and memorise them
this text book is completely throwing me, care to explain them in terms id understand??
i wud if i cud remember them mate
Its not THAT easy then if you've memorised them and now cannot remember them  
I've read some of them accounting books. The english used in some of the questions is terrible, and confusing etc...
Edit as my own english is just as poor, but i've not been paid lots to write accounting books
[Edited on 28-11-2008 by VXR]
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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This is why I never attended higher education.
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corsa_godfather
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Registered: 6th May 03
Location: Greenock,Scotland
User status: Offline
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quote:
Originally posted by K17STY
Is it not the case that the second year doesnt mean after 12 months, it will be like the new financial year starts in april. So in April you are in the second year but could only have been open for 2 months.
[Edited on 27-11-2008 by K17STY]
same as i was thinking
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