I've got a client who's accounting period is 20th Sept to 19th Sept. When filing the SA online I know it would be correct to do 20th Sept to 5th April but is it possible to enter the Sept to Sept years worth online and do it like that every year? Or is that just wrong and you should only enter figures that are within the tax year you are filing for?
If it's their first year it will be 20/09 to 05/04 - but the second year could be Sept to Sept, only it will include the 20/09 to 05/04 period again and there may be overlap profits to carry forward.
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Its much easier for a Sole Trader to stick with the tax return year. I do tend to do mine to 31 March rather than 5 April. Saves mucking about with overlap profits and stuff.
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I agree, I tell all my sole traders who have just started that I'll prepare accounts to 5th April and then tell them it saves them from being taxed on the same profits twice (which of course is only relieved on change of accounting date or cessation). However if the client particularly wants a september year end then you would prepare a full 12 month set of accounts but apportion the tax to 5th April in year 1, most likely have the first 12 months in yr2 (hence the tax on the same profits since the bit to 5th April had been taxed previous year, overlap like Phil says)....much easier to stay in line with fiscal year!
