Self Asessment

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10110527
10110527 Registered Posts: 16 New contributor 🐸
in General accounting discussion
A new client has asked me to complete his SA. He has not completed any for two years, has been fined by HMRC and has agreed with them that he completes these ASAP, in addition to last years due next month. All other clients accounting period end in March, but this one is June - do I split the periods Apr - June and July to March for P&L figures from Sage ?

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  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    Why have they changed their accounting period?
  • 10110527
    10110527 Registered Posts: 16 New contributor 🐸
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    No idea - perhaps it's best to change the year end going forward?
  • clegganator
    clegganator Registered Posts: 184 Dedicated contributor 🦉
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    Produce the accounts to whatever date you like. You could do them as one long period and depending on the profits save some tax!
  • JodieR
    JodieR Registered Posts: 1,002 Beyond epic contributor 🧙‍♂️
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    If they've always had a year end of 30 June then just continue the same way. The P&L for the year ended 30/06/2008 will go on the 2008/09 tax return, 30/06/2009 on 2009/10 and 30/06/2010 on 2010/11 (remembering to carry forward the overlap profit if applicable). If they've never done a tax return since they started trading then you'll either need to account for overlap profit or re-jig the figures so you have a March year end.

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