Sole Trader Profits and Personal Tax Return

Dawny

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

MarieNoelle

Was it his first year of trading or has he been trading for several years?

Edit: in any case, the correct position would be to amend previous tax return with the accounts drawn up to 30th April 2014, then file accounts to 30th April 2015 for the 2015-16 return.

Dawny

Yes, it would of been their first year of trading.

Thank you for your help.

MarieNoelle

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.