Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Tax computations involving long periods of account

27 June 2018 / Debbie Bray
Issue: 4653 / Categories: Comment & Analysis

Accounts and adjustments

KEY POINTs for individuals

  • Long periods of account often feature in Part II of the ATT Paper 2 exam.
  • A worked example of an unincorporated business run by a sole trader or a group of individuals in a partnership.
  • Calculate the tax-adjusted trading profit after capital allowances for the whole accounting period.
  • Plant and machinery that has been used privately must be shown in a separate ‘private use asset column’.
  • The rules relating to a change in accounting date must be followed.
  • A capital allowances computation must be prepared for the extended accounting period and for example the annual investment allowance will be adjusted.

The difference between the taxation of sole traders and partnerships and companies can be challenging for students particularly if the business...

If you or your firm subscribes to, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.

back to top icon