View Full Version : Accounting period and Tax return.
nicochick
12th July 2010, 15:35
If I have an acounting period that runs from 1st Nov 2007 - 31st October 2008 for filling in the tax return for 2007/08 what dates do I go from and to?
MyAccountantOnline
12th July 2010, 15:46
If I have an acounting period that runs from 1st Nov 2007 - 31st October 2008 for filling in the tax return for 2007/08 what dates do I go from and to?
Was the 1/11/07 your commencement date? (the date you started in business)
nicochick
12th July 2010, 15:50
It's not my business, but I presume the company started trading on 1st November 2005 or 2006 and therefore have their year go from that period every year.
David Griffiths
12th July 2010, 15:54
So is this a partnership, a limited company or even a sole trader?
MyAccountantOnline
12th July 2010, 16:12
It's not my business, but I presume the company started trading on 1st November 2005 or 2006 and therefore have their year go from that period every year.
The answer depends on whether the business was a company or a soletrader/partnership - very different rules apply to each.
nicochick
12th July 2010, 18:09
It's a sole trader. Thanks.
gouldie0
12th July 2010, 18:29
It's a sole trader. Thanks.
So it's a Sole Trader and you haven't filed accounts for the year 2007?
nicochick
12th July 2010, 19:01
Yes he is behind in getting them in so is asking me to do them for him.
David Griffiths
12th July 2010, 19:41
If I have an acounting period that runs from 1st Nov 2007 - 31st October 2008 for filling in the tax return for 2007/08 what dates do I go from and to?
The tax return for the year ended 5 April 2008 would be based on the accounts for the year ended 31 October 2007, not 31 October 2008.
See Web Solutions
12th July 2010, 20:03
The accounts for the period that you stated (1st nov - 31st oct)
These would be for the 08/09 tax return.
Also it depends if you started trading as the rules are different during your first tax years.