Accounting period

[Pete77]

hi,
I am just filling in my tax return and I am not 100% sure what to put down for the accounting period. The Business started in January, so i put that down in box 6 (business start date), can i then leave box 8 (beginning of accounting period) blank and put 5.4.09 in box 9 (end of accounting period)?
And then for next years tax year i put down 05.04.09 in box 8 and 05.04.2010 in box 9?
Just want to make sure i don't get this wrong.
Thanks a lot,
Jan

 

[Pete77]

I have been trying to call the inland revenue for a week now, trying to find out how to fill in these 2 boxes. but nobody there seems to know and when they try to put me through to the person who should know, they are always busy.
Can nobody here help me with this little problem?

 

[taxattack]

hi,
I am just filling in my tax return and I am not 100% sure what to put down for the accounting period. The Business started in January, so i put that down in box 6 (business start date), can i then leave box 8 (beginning of accounting period) blank and put 5.4.09 in box 9 (end of accounting period)?
And then for next years tax year i put down 05.04.09 in box 8 and 05.04.2010 in box 9?
Just want to make sure i don't get this wrong.
Thanks a lot,
Jan

If you use the Self Employment (Short) return, there is no box asking for the accounting period start date, and if you have just started in business, the short return, which asks for less detail, is probably adequate.

You can then put April 5th for "date your books/accounts are made up to".

It is possible to use any date during the year to make up your accounts, which complicates the return, but can sometimes have a cash flow advantage. I'm only mentioning that so that you are aware; for simplicity go with April 5th.

Chris

 

[elaine@cheapaccounting]

You are using the full return.

See this link for the explanation of what to put in the boxes:

http://www.hmrc.gov.uk/worksheets/sa103f-notes.pdf

I think it explains it quite well really

 

[Pete77]

sorry for my late reply, i wasn't in yesterday.
I have already read the notes, which say that i can choose my accounting date, but 5th april is recommended. I would like to finish my tax year on 5th april, but start my accounting period on 10.1.08, as that's when i started the business. But that would mean that my first accounting period is only 3 months, or should i just put down 05.04.07 even though i didn't start my business then?

 

[elaine@cheapaccounting]

first period is from the start of business to 05/04/09

I assume you are doping the return for the year 2008 / 2009 but your dates seem to imply 2007 / 2008?

 

[Pete77]

yes, i am late filling in the 2007-2008 tax return, so i now have to do both at the same time.
So it won't be a problem that my first accounting period is only 3 months and i can just put down the date i started my business as the starting date of my accounting period?
I really appreciate your help, thanks a lot!

 

[elaine@cheapaccounting]

no problem - assume you are aware of the fines for the late submission