Income Tax Return - Form 11

je55ie · 2010-08-25 18:46:10

Hi all, Help needed. Business commenced trading Apr 09. Just a bit confused with the commencement rules. Can I prepare my accounts Jan 09 - Dec 09 (the tax year) and do the return before 31 Oct 2010 based on the profits/losses from Jan - Dec 2009 or does it have to be apportioned and calculated on year ending 31st March…

25-08-2010 06:46PM

#1

je55ie

Closed Accounts Posts: 423 ✭✭

Join Date: January 2008

Posts: 370

Hi all,

Help needed. Business commenced trading Apr 09. Just a bit confused with the commencement rules. Can I prepare my accounts Jan 09 - Dec 09 (the tax year) and do the return before 31 Oct 2010 based on the profits/losses from Jan - Dec 2009 or does it have to be apportioned and calculated on year ending 31st March 2010?

Also Capital allowances - purchased fixed asset in may 2009, can I claim full allowance for 2009 or does this too have to be apportioned?

Thanks

Jessie

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#2 25-08-2010 08:57PM

Bookkeeper09

Registered Users, Registered Users 2 Posts: 266 ✭✭

Join Date: April 2009

Posts: 251

Hi there,
Yes you can prepare your accounts from date of commencement to 31 December and return before 31 October 2010.
You will also be obliged to pay preliminary tax for the 2010 tax year.
Also with Capital Allowances you are entitled to claim the full years allowance if the asset is in use at the year end.

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