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1st Form 11 commencement

  • 13-12-2016 8:14pm
    #1
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭


    Start up in Nov 2016 and want to prepare 12 months accs to Oct 2017.
    Tax for 2016 due by 31.10.17 but final accs will not be ready.
    In a case like this do you have to prepare management accs to Dec 2016 or can you file a nil return for 2016 when Form 11 due in Oct 18?


Comments

  • #2
    exaisle
    Registered Users, Registered Users 2 Posts: 2,675 ✭✭✭exaisle


    Heisenburg81 wrote: »
    Start up in Nov 2016 and want to prepare 12 months accs to Oct 2017.
    Tax for 2016 due by 31.10.17 but final accs will not be ready.
    In a case like this do you have to prepare management accs to Dec 2016 or can you file a nil return for 2016 when Form 11 due in Oct 18?

    No...you don't use management/draft accounts for your tax return....

    Prepare the first accounts and submit the 2016 and 2017 Forms 11 by 31st October 2018.

    If you commenced in Nov 2016 you can only submit a NIL return if you had no income. Presumably you had income in 2016 prior to commencement? Also, if you made profits in 2017, the first accounts will form the basis for your 2016 and 2017 returns. There may be a very good reason NOT to submit a Nil return for 2016.

    I'd be inclined to prepare 14 months accounts to December 2017....to get you on a calendar year for accounts...


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