COM1100 - Accounting periods: company accounting periods: new cases
When new cases are set up COTAX creates APs and periods of dormancy automatically using the information held. The following table sets out what APs are created using the different items of information available.
Information held |
AP records created |
Date of incorporation only |
From the date of incorporation for 12 months And From the day after the end of the above period to the Accounting Reference Date (Word 27KB) |
Date of incorporation And Date business commenced |
From the date of commencement of business for 12 months Any period prior to the date business commenced is treated as dormant |
Date of incorporation Date business commenced And First intended accounting date |
From the date of commencement of business to the earlier of
Any period prior to the date business commenced is treated as dormant |
COTAX creates AP records in this way until it has recorded whichever is the latest of
- The first AP of the company
- The AP that includes the latest date for an event included in the ‘Information held’ column above
- The first AP that ends on the expected accounting date
Automatic creation of APs - Example 1 (Word 36KB)and Automatic creation of APs - Example 2 (Word 36KB) illustrate this.
COTAX accepts amendments to the ‘Information held’ column above at any time. It will act upon the amended information unless
-
- Function MAPD (Maintain AP Dates) has already been used
- COTAX has issued a notice to deliver (Word 29KB)
- COTAX has recorded a payment of tax
- There is a logged return
- A CTSA assessment type (Word 29KB) has been recorded
In any of these cases a screen message warns you that COTAX cannot amend the AP record automatically.
If you see that message, pass the papers to a Technical Caseworker to update the AP record using Function MAPD. See subject ‘Maintaining The AP Record’ (COM1080) in this section for more information.
For a list of forms relevant to this subject, see COM1041.
For a list of functions to use in particular situations, see COM1021.
For legislation applying to this subject, see COM1022.
