❤Accounting reference date uk






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Show Timeline of Changes: See how this legislation has or could change over time. But in case the business doesn't become active immediately, the corporation tax accounting period will begin on a later date. Accountants often recommend to their clients to move the Accounting Reference Date ARD back by one month.
HMRC will then confirm the start date of your accounting period. Shortening A Company's Accounting Period There are no restrictions on shortening a company's accounting period.
No, do not confuse these two terms. Sin changes will take significantly longer to be submitted and processed. But in case the business doesn't become active immediately, the corporation tax accounting period will begin on a later date. Return to the latest available version by using the controls above in the What Version box. No elements have been applied to the text. Accounting reference date uk fiscal year starts on October 1. Because the ARD falls on the anniversary of the last day of the month of incorporation, the first financial year for most companies is slightly longer than 12 months. This might be the day your difference is incorporated if you start trading immediately, in which case your financial year and accounting period will start on the same day. 
Our Guide to a Company's Accounting Reference Date - Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts. Purpose of an Accounting Reference Date Every accounting reference date signifies the date on which a company's financial year concludes.
Guide to the Accounting Reference Date ARD A Company's Accounting Reference Date is its 'Year End' date for the Accounts. When a new , automatically set the Accounting Reference Date ARD to the last day of the month in which it was formed. This creates two problems: 1. Companies House Accounts Filing Accounts are required to be filed with Companies House 9 months after the accounting year end. HMRC Accounts and Corporation Tax Filing HMRC do not accept a Corporation Tax Return CT600 for a period greater than 12 months 365 days. So the above Companies House ARD dating procedure not only creates a problem for themselves, but also for HMRC. This means that accountants have to create two Corporation Tax Returns CT600 from one set of accounts, creating more work and more fees for the client. Easy Solution Despite the above lengthy explanation of a very perplexing situation, this is very quick and easy to sort out. Accountants often recommend to their clients to move the Accounting Reference Date ARD back by one month. Remarkably this solves the whole problem. In the above example, the company would reset its ARD back to 31st July every year. The first CT600 for HMRC would also cover the 11½ months and being less than 12 months is not a problem. Shortening A Company's Accounting Period There are no restrictions on shortening a company's accounting period. Lengthening A Company's Accounting Period A company's accounting period can only be extended once every 5 years, apart from very rare and exceptional circumstances. Therefore this is not a decision to be taken lightly. Furthermore, if a company's accounting period is extended for its first ARD the original filing dates stay in force for that first accounting period - so a company could end up having to file accounts within 3 months of the accounting period end. Changing A Company's Accounting Period - General Rule A company's ARD cannot be changed if the filing date has passed, ie. Links to more information.