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Set up a ltd Co. in 2010, didn't trade until 2011.

  • 30-09-2011 10:24am
    #1
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭


    Hi there,

    We set up a ltd company in June 2010 but did not start trading until April 2011. Do we still need to complete tax return for 2010? Would all the items be zero I assume?

    Thanks

    Bob


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    You need to look at the accounting periods of your company.

    You formed it in June 2010 and started to trade in April 2011.

    So the 1st accounting period runs from the date of incorporation until the day before the date the company started to trade.

    The 2nd accounting period started on the date the company started to trade. It will end no later than 12 months after that date, but it may end earlier.

    So you have just one return to do for the non-trading period ended in April this year. Section 27 TCA 1997.


  • #3
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭ssbob


    nompere wrote: »
    You need to look at the accounting periods of your company.

    You formed it in June 2010 and started to trade in April 2011.

    So the 1st accounting period runs from the date of incorporation until the day before the date the company started to trade.

    The 2nd accounting period started on the date the company started to trade. It will end no later than 12 months after that date, but it may end earlier.

    So you have just one return to do for the non-trading period ended in April this year. Section 27 TCA 1997.

    Thanks Nompere,

    We will set our accounting periods to 31/12 from now on.


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