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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My self employed business accounts start 1st October and end

Resolved Question:

My self employed business accounts start 1st October and end 30th September. Which set of trading figures should I base my current self assessment on?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

How long have you been trading as a self-employed individual?
Customer: replied 2 years ago.

Since 1st October 1994

Expert:  TonyTax replied 2 years ago.

Thanks.

Since you have been in business for so long and assuming that your accounts have always run from 1 October to 30 September, then for the 2014 self-assessment return, you should enter the figures for the period 1 October 2012 to 30 September 2013 which ends within the 2013/14 tax year.

You are assessed on the profit for the accounting period which ends within the tax year concerned, the tax year running from 6 April to 5 April. Take a look here for more information on calculating your self-employed income.

I hope this helps but let me know if you have any further questions.

TonyTax and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Many thanks,

I did manage to work that out for myself but I am greatful for the confirmation.

Expert:  TonyTax replied 2 years ago.
Thanks.

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