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Short accounting period/CTAP and first year allowances not being restricted

Article ID
ias-12032
Article Name
Short accounting period/CTAP and first year allowances not being restricted
Created Date
13th October 2015
Product
IRIS Business Tax
Problem
There is a short accounting period / CTAP but the first year allowances are not being restricted or apportioned.
Resolution
According to Tolley’s Tax Computations the first year allowance, unlike the WDA, is a flat rate and should not be time apportioned.

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