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Commencement question

maccy · 2015-02-27 22:38:45

I have a question to do with commencement rules which I keep getting confused over and hoping someone might explain to me! What are my filing and tax payment requirements for Y1, 2 and 3 of commencement of a trade?

27-02-2015 10:38pm

#1

maccy

Registered Users, Registered Users 2 Posts: 36 ✭

Join Date: January 2010

Posts: 28

I have a question to do with commencement rules which I keep getting confused over and hoping someone might explain to me!

What are my filing and tax payment requirements for Y1, 2 and 3 of commencement of a trade?

0

Comments

#2 01-03-2015 1:45pm

Marcusm

Registered Users, Registered Users 2 Posts: 10,628 ✭✭✭✭

Join Date: November 2010

Posts: 10600

IIRC

Yr 1 - actual profits arising up until 31 December of the particular year
Yr 2 - profits of first 12 months trading
Yr 3 - profits of a 12 month period to the chosen accounting reference date terninating during the tax year

E.g.
Commence 1 JUly 2014 and draw accounts up to 30 September annually

2014 - actual profits arising from 1/7-31/12/14
2015 - profits arising in year to 30 June 2015
2016 - profits arising in year to 30 September 2016 (as shown per accounts)

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