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Little Miss Sunshine


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Accounting period
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Hi there,

I have a query regarding accounting periods and tax year.

I'm helping a friend with their on-line return and noticed that their accounting period runs between 1 January to 31 December.

They have earned over their allowable rate and have to pay tax.  Also in one of 3 years she's been trading she seems to think she might have previously paid tax But!!!!!!!!!!! she has not been saving or printing off her returns.  I don't know what to suggests; only that she saves and prints her current return.

My personal period runs from April one year to the following April so I don't understand how to deal with accounting periods that differ from this.cry

 

 



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RobH


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Her year to 31st December 2012 would be the accounting period for 2013 tax return. It does beg the question though whether she has accounted properly for the opening years? Maybe you can run through that with her and help her with calculating any overlap profit.

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Rob
www.accounts-solutions.com
Little Miss Sunshine


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Well her teenager daughter been doing it for her and the files looks a mess. I'll see what I can and may well talk to the tax office.

Thanks for the info Rob.

Best wishes.

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