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Where Taxpayers and Advisers Meet

different year-ends - my brain hurts?

Joined:Wed Aug 06, 2008 3:13 pm

Postby Graham1 » Fri Jan 07, 2005 3:20 am

I would appreciate help as I cannot get my head around how business tax (self employed partnership) is merged with partnership tax returns when the year ends are different.

Our business year end is 1-7-03 to 30-6-04 whereas our tax returns are 6-4-03 to 5-4-04.

Thank you

Very Confused

Joined:Wed Aug 06, 2008 3:15 pm

Postby jamesconstantine » Fri Jan 07, 2005 4:28 am

The accounting year that goes into the tax return for a particular year is the one that ends in that tax year. In your case it should be year to 30/06/03 unless it is the first year of trading; in that case there are special rules. That means the profits to be assessed in the 2003/04 tax year will be from the beginning of tading to 5/4/4.

Hope that helps.
James Constantine
If you are interested, we have Free Tax Newsletters and a Special Report with down to earth advice and in plain language for small businesses on how to save tax.
JamesConstantine, Chartered Certified Accountants

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