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Where Taxpayers and Advisers Meet

Accounting period advice

Microline
Posts:3
Joined:Tue Dec 22, 2020 8:25 pm
Accounting period advice

Postby Microline » Tue Dec 22, 2020 8:34 pm

Hi. This query may be really simple and unworthy of the expertise in the forum, but let's see.

Last year I decided to make my accounts up to the 4th April 2019 to transition a payment made on the 5th to the next accounting year.

However, I'm unsure whether I need to change my accounting or 'basis period' for this year (19/20) to account for this..or simply do nothing other than input the figure from the 5th in my 19/20 earnings?

Tried HRMC and an extensive websearch only to be confused, muddled and contradicted.

Any advice is appreciated

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Accounting period advice

Postby bd6759 » Wed Dec 23, 2020 1:32 pm

There is a very important piece of information missing.

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Accounting period advice

Postby pawncob » Wed Dec 23, 2020 5:00 pm

Well, give him a clue. :D
With a pinch of salt take what I say, but don't exceed your RDA

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Accounting period advice

Postby bd6759 » Wed Dec 23, 2020 7:16 pm

Actually 2.

Income tax or corporation tax?

When did the trade start?

Microline
Posts:3
Joined:Tue Dec 22, 2020 8:25 pm

Re: Accounting period advice

Postby Microline » Thu Dec 24, 2020 9:18 pm

Thanks for the heads-up.

This is my third year self employed and concerns income tax.

Microline
Posts:3
Joined:Tue Dec 22, 2020 8:25 pm

Re: Accounting period advice

Postby Microline » Sat Dec 26, 2020 11:07 pm

Any advice is appreciated


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