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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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Our business, sole trader, has been running for over 25 years

Customer Question

Our business, sole trader, has been running for over 25 years and we have always been two years behind on our tax from the beginning, not sure why but that is what our accountant did. So last tax return 2012/13 was for accounting year 2011/12, how can we bring this up to date, are you allowed to put two accounting years on one tax return?

Regards
Lulu
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello Lulu, I'm Keith and happy to help you with your question. There is often a disconnection between the accounting year and the tax year which confuses the uninitiated. If your financial year ends on say 30 April 2013 then the income to that date is that applicable to the 13/14 tax year. Don't try to marry up these imponderables.

You could change your accounting date, but why bother? It's a bit of a palava. Why not just leave it as it is to pobble along nicely. That's what I would do. Your next return due is for 13/14, reporting your 12/13 activities. It is your responsibility to self assess, you cannot fall back on HMRC failure to send you the appropriate forms. You may be charged penalties for late returns and the return must be made on line on line by the end of January 2015 or on paper by the end of October 2014.


To answer one point you raised, you cannot put two accounting years on one tax return. The current system works and my view is that, if it works, don't fix it!

Customer: replied 3 years ago.

Thank you for that, but problems do arise because now if you need proof of earnings especially self employed they need copies of the SA302 forms which does not state the year accounting period it covers, just the tax year. Ours then happen to be two years behind and our earnings etc are higher over the last three years, so I was hoping to be able to input another tax year to get another SA302 with our better earnings. Can I enter my 2013/13 accounts now for tax year 2013/14 or do I have to wait until April? At least this will give us another SA302.


 


Thanks


Lulu

Expert:  bigduckontax replied 3 years ago.
Sorry Lulu, you cannot file your 13/14 accounts until 6 April 2014. I can see what you are trying to do to get a SA302 showing an improved trading position, but you will simply have to wait. Change your accounting date by all means, but you will still have to wait until the tax year ends to file and remember that deposit takers have until 19 May to render their P60s or equivalents. It will also cost to have all the changes properly prepared. On the other side of the coin HMRC have to wait nearly 2 years to get their hands on your profits under the current system!
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3388
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 3 years ago.
Thank you for your support.

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