Self Assessment

villapb

Was asked today too make sure i knew this so thought id share it.............

Situation 1
Sole trader started trading 6 april 2011-5 april 2012............
When should 1st return be submitted and what is the period for 1st set of accounts. When should 2nd return be submitted and whats the period for 2nd accounts.

Situation 2
Sole trader started 1 march 2011.
Whats the latest return date for 1st return. Whats the period dates for 1st set off accounts and for the 2nd set and when should they be submiited ie what dates and what fiqures should go into them.

Situation 3
Sole trader started 1 aug 2009 ceased 1 aug 2015, to be up to date ----when should have returns being submiited. For each 12 month accounts the sole trader made 100k profit no cap allowances or depn just ignore for the example.... what fiqures should go into each returns and accounts and whats he account period date.

JUST THOUGHT ID SEE WHAT YOU ALL THOUGHT ............Im going to have to go back with a answer but looking for help also and thought it would good to share..................good one isnt it lol

peaman

I have assumed all filing will be done online.

1. Accounts 06.04.11 to 05.04.12 - first tax return for y/e 05.04.12. Due for submission 31.01.13. Second period 06.04.12 to 05.04.13, due for submission 31.01.14.

2. Accounts 01.03.11 to 28.02.12 - first tax return for y/e 05.04.11, assessable period 01.03.11 to 05.04.11, due for submission 31.01.12, late filing penalties will apply. Second return for y/e 05.04.12, assessable period 01.03.11 to 28.02.12, due for submission 31.01.13, note overlap relief for period 01.03.11 to 05.04.11.

3. Accounts 01.08.09 to 31.07.10 - first tax return for y/e 05.04.10, assessable period 01.08.09 to 05.04.10, due for submission 31.01.11. Second return for y/e 05.04.11, assessable period 01.08.09 to 31.07.10, submit by 31.01.12, note overlap period 01.08.09 to 05.04.10. Repeat each year, until cessation (in the future!) 01.08.14 to 01.08.15, include on 05.04.16 tax return, submit by 31.07.17, deduct overlap relief. Late penalties will apply for 2010 & 2011 returns.

villapb

Cheers you have made my day................

villapb

PT i got my head around the overlap relief and the basis period...........cheers, was reading that many accountants struggle with basis period or not even know about it.

Monsoon

villapb wrote: »

cheers, was reading that many accountants struggle with basis period or not even know about it.

Basis periods are a pain in the ass. I can do them, but I don't like 'em!

peaman

I am ok with straight forward basis periods. But they can get more complicated, i.e if there is no accounting period ending in a fiscal year or the client ceases within the first 2 years. Clients changing their year ends can also cause basis period problems.

In these situations I always rely on the trusted ATT study books!