Commencement year

[Tricky one]

Hi. I am confused about where to enter profit on form 11. Is it line 104 or line 105. This was first business year ending in april 2009. But I am prepearing year 2008 on actual basis. If it is line 105 is there asked net profit or adjusted net profit ander assessable pofit?
Can somebody help me with this?

 

[Ants09]

in line 104 you enter you net profit/loss to the year ended april 2009
in line 105 you enter your assessable income/profit to the end of dec 08

 

[Tricky one]

sorry for my knowledge, is assessable profit - net profit?

 

[deadlyduck]

Assessable profit is not usually the same as accounting net profit.

Typically, your accounting profit will have been computed after deducting certain expenses which cannot be deducted for tax purposes eg asset depreciation, as one example. To compute your assessable profit, you need to increase the accounting profit by adding back the disallowed items (and also reduce it by deducting any income not taxed as trading income eg deposit interest).