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Old 04-12-2011, 06:40 AM
advxc153 advxc153 is offline
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Join Date: Mar 2011
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Default Which tax year for profits?
There's a question of my friend~
A simple query but he has searched for an answer to no avail...

He invoiced several customers for work to be don in the 11/12 FY at the beginning of March. Some of them have paid, others haven't. Which of the following scenarios is correct?

A) Corporation tax on profits is due based on the invoice date
B) Corporation tax on profits is due based on the payment date
C) Corporation tax on profits is due based on the financial year in which the work takes place

BTW, this is his first year running a company and will get around to appointing an accountant soon!

Many thanks
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