Year end dates in VT

Sandy Dog

Can anyone help, please?

A sole trader commences on 1 January 2013 and so is required to submit a tax return for the period up to 5 April 2013.

For the following tax year the sole trader wishes to submit his tax return based on the period 1 April 2013 to 31 March 2014, thus only having 5 days overlap (1 to 5 April 2013).

In VT you would select 5 April 2013 as your first year end and VT would then automatically produce year end accounts (ignoring adjustments for depreciation, accruals and prepayments etc).
Setting the second year end as 31 March 2014 however, VT produces the second period accounts from only 6 Apr 2013 to 31 March 2014, thus ignoring the overlap. And by changing the previous year end this also changes the 1st period’s accounts.

So how do you include the overlap into the second year accounts? Do you

1. copy the file and re-name the original as say 1st year and on the copy re-set the first year end date to 31 March 2013 and carry on from there using the copy file as the new master file ? or
2. start a fresh file and carry across the closing balances as opening balances ? or
3. other?

In doing the above two options would you date the year end adjustments for depreciation, accruals and prepayments etc as 31 March so by moving the year end date these adjustments would not fall in the next or current year?

JodieR

can you not just do the first set of accounts to 31 March 2013?

I don't know if this is what you're asking, but there is a consession with HMRC whereby you don't need to do any overlap calculations if you change from 05/04 year end to 31/03 year end.

Sandy Dog

Thanks for your reply. Sorry to take so long to reply. You are right of course. I just thought there was a way to move the date.