Sole Trader Profits and Personal Tax Return

Dawny
Dawny Settling In NicelyMAAT, AAT Licensed Accountant Posts: 62
I've taken on the books of a sole trader who's year end is the 30th April.

My dilemma is that the profits for the year end for the 30th April 2015 was reported in the 2014/15 personal tax return. I'm not sure to carry this on or revert to normal and not report the profits of 30th April 2016 until the 2016/17 personal tax return is completed.

I would welcome your thoughts.

Thank you

Best Answer

Answers

  • Dawny
    Dawny Settling In Nicely MAAT, AAT Licensed Accountant Posts: 62
    Yes, it would of been their first year of trading.

    Thank you for your help.
  • MarieNoelle
    MarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,433
    In this case the 2014-15 return should include profits from date started (I assume 1st May?) to 5/04/15 (or 31st March). The 2015-16 return will be one year to 30/04/15 with overlap profits of 11 months.
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