Tax Return 2011

Sole Trader - established 1 March 2011. Accounts prepared for y/e 29 February 2012. Profit is approx €12k.

2011 Tax Return covers 10 months to December 2011.

Can I simply use €10k as the declared profit for 2011 (€12k * 10/12)?

What about the balance sheet figures? They can't be apportioned so easily.

Thanks in advance

accsvalue said:

Sole Trader - established 1 March 2011. Accounts prepared for y/e 29 February 2012. Profit is approx €12k.

2011 Tax Return covers 10 months to December 2011.

Can I simply use €10k as the declared profit for 2011 (€12k * 10/12)?

What about the balance sheet figures? They can't be apportioned so easily.

Thanks in advance

Click to expand...

Balance sheet figures will be as at 29.02.12. Enter all accounts figures on return as per full year's accounts. Profit will be apportioned for 2011 10/12 as you stated. Box 104 is adjusted profit for the accounting period, enter €12,000 here. Box 105 is assessable profit, enter €10,000 here. For 2012 you will be assessed on the €12,000 and there is no need to complete extract from accounts figures as they will have been submitted on your 2011 return.