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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...
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