How to know when my financial year start/end is?

[HarveyBall]

Hi all,

How do I know when my financial year start/end is?

The company was formed on 13/09/2006 but was set domant on 30/09/2007

however I did make a payment into my bank account on 28/09/2007 and raised my first invoice on 09/09/2008.

im guessing that my financial year will start/end in september as thats when the company was formed.

But is the start 1st September and end 31st August or is it 13th September for start and end?

So would I be correct to assume my financial years to date would be:

13/09/2006 - 31/08/2007
01/09/2007 - 31/08/2008
01/09/2008 - 31/08/2009

or is it

13/09/2006 - 12/09/2007
13/09/2007 - 12/09/2008
13/09/2008 - 12/09/2009

 

[CassioAcc]

Companies House have the information. I looked up your company and your Accounts are made up to 30 Sept. So your year runs from 1 Oct to 30 Sept.

 

[balancebooks]

Are u a limited co? Whats your registration no?

 

[HarveyBall]

My next accounts are due in July (because I was dormant) 30/07/09

so does this mean that my financial year has changed?

I'm assuming my financial years go like this then?

13/09/2006 - 30/09/2007 (Dormant)
01/10/2007 - 30/07/2009 (How can my financial year be over 21 months?)

My company number is :05934381

 

[CassioAcc]

Your Accounts are due 10 moths after the year end. Your Year End is 30 Sept and the Accounts are due 30 July

 

[HarveyBall]

So just to get this straight in my head my financial years look like this

13/09/2006 - 30/09/2007 (no accounts filed because I'm dormant)
01/10/2007 - 30/09/2008 (these are the accounts I need to file now! which I havent yet!)
01/10/2008 - 30/09/2009 (this is my current financial year and I shouldnt be filing this one till I've filed the one before!)

 

[balancebooks]

Yes thats right

 

[CassioAcc]

So just to get this straight in my head my financial years look like this

13/09/2006 - 30/09/2007 (no accounts filed because I'm dormant)
01/10/2007 - 30/09/2008 (these are the accounts I need to file now! which I havent yet!)
01/10/2008 - 30/09/2009 (this is my current financial year and I shouldnt be filing this one till I've filed the one before!)

Correct

 

[HarveyBall]

Ah ok,

So I really need to pull my finger out then and get an accountant to do my books asap!!! good job I noticed this now and didnt leave it till July!!!

One thing though, I have a payment into my bank account from me for £100 on 27/09/2007 (which was when I was declared dormant) so how do I file that payment?

 

[balancebooks]

Hi Cassio I have PM'd you with a quick query, hope u can help thanks

 

[HarveyBall]

Hi Cassio I have PM'd you with a quick query, hope u can help thanks

Tut tut, hijacking my thread!

 

[CassioAcc]

Ah ok,

So I really need to pull my finger out then and get an accountant to do my books asap!!!

Good idea

 

[HarveyBall]

Good idea

Ok one final question

I have a big red book with my accounting details in (Payments, Receipts, Sales, Purchases)

Currently this book has data in it from 27/09/2007 right up to 19/03/2009

Does this mean that this book is ruined now as I've basically spanned across accounting years?

Should I buy 2 new big red books and put the data that sits between

01/10/2007 - 30/09/2008 in the first book

and

01/10/2008 - 30/09/2009 in the second book (and this will be my current book)

Then give book 1 to an accountant?

P.S. What do I do about my £100 payment into the bank on 27/09/2007? Should I include this in book 1 and just hope the accountant can explain it away?

 

[CassioAcc]

Ditch the books and get some software - it will save a LOT of problems. If you use something your Accountant uses then they will be albe to offer support which will reduce the need for corrections (and more fees) at the end of the year.

Let your Accountant take care of the £100.

 

[HarveyBall]

I've been trying to set up MS Accounting 2009 to do my books in, but I'm having a tad of an issue getting my head around all the different elements.

Someone explained the big red book way to me and its easy enough for me to follow (although I think I've even messed that up now! )

I'm going to try and put all my accounts into MS Accounting 09 but I want to run the big red book too for now just as a comfort zone (until I know I'm doing the software bit correctly)

So would it be better for me to spend the £50 on getting two new big red books and just re doing them or is it ok to have all my financial years in 1 big red book (I'm thinking this isnt a good idea!)

 

[CassioAcc]

If it is all in one book then leave this, especially if you are going to transfer to a package. No point in redoing the books again manually and then again on software - best to concerntrate on getting this right before there are too many transactions to reenter.

An Accountant will be able to take what they need from these records.

 

[HarveyBall]

Ok, so because I have it all in 1 big red book wont matter to companies house or anyone else official then? I assume the accountant just uses my big red book to prepare their own documents for official use anyway?

Luckily I dont have that many transactions anyway (only about 20 invoices and 3 purchases)

I think I'll start figuring out how to put all this stuff into MS Accounting!

Thanks for your help

 

[UK Trader]

Hi all,

I have a similar problem and require some guidence please. I started my business on 15/12/2010 and am currently trading. However is my companies financial period between:

15/12/2010 - 14/12/2011 or 01/12/2010 - 31/11/2011?

Further more, HMRC's tax year end date is 30/4/2011 for 2009/2010 as l think l understand it.

So do l need to submit any accounts by April 30 2011? If not, how does this work?

Thanks in advance. :redface:

 

[UK Trader]

If l started up on 15/12/2010, do l need to submitt and accounts this year before 30/4/2011?