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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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2 Questions I ceased my self employment on 19/09/14. I am

Resolved Question:

2 Questions
I ceased my self employment on 19/09/14.
I am about to file my 2013/2014 tax return using the cash basis
My accounting period is from 6April to 5 April and has been for several years.
I wonder if I am meant to include the 6 months between April 2014 -Sept 2014 on this return (i.e. an 18 month return rather than 12months) or if I have to wait until next April to finalise my self employment accounts?
Can I claim an Annual Investment Allowance on my 2013/2014 Tax return?
Or because I ceased business on 19/09/14 does this mean that any equipment i have purchased between Sept 2013 — September 2014 is not allowed?
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

Your tax return for 2013-14 would cover accounts year ending in a period between 6 Apr 2013 and 5 Apr 2014..

Your accounts for the period 6 Apr 2014 to cessation would be covered in next year's return.

You can claim Annual Investment Allowance against qualifying expenditure incurred in your accounting period to 5 Apr 2014 on your 2013/14 tax return.

There may be a balancing charge adjustment to be made when computing your capital allowances for next year.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 3 years ago.

Does that mean that I have to wait until after April 5th 2015 to file my return for 2014/15, as I now have a part t-me job where I pay PAYE, I am a pensioner?

Expert:  taxadvisor.uk replied 3 years ago.
Ruth, thank you for your prompt reply.

Any income you receive in the current tax year will be reported when you file your tax return 2015 (tax year 6 Apr 2014 to 5 Apr 2015), I'm afraid.

I hope this is helpful and and answers your question.
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