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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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i commenced self employment feb 2014 and intend to do 12 months

Customer Question

i commenced self employment feb 2014 and intend to do 12 months accounts upto 31 jan 2015 can i enter a nil return /14 and subit 12 months trading figures next time
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
.

I'm afraid not. Clearly, if you intend to draw up accounts to 31 January 2015, you are not going to have the final figures. You will, therefore, need to estimate your profit or loss proportion of the accounting period which falls in the 2013/14 tax year.

An alternative is to do a set of accounts covering the period February 2014 to 5 April 2014 and to each subsequent 5 April thereafter. You could use a 31 March accounting date and treat it as co-terminus with 5 April by ticking the appropriate box in the self-employment pages.

I hope this helps but let me know if you have any further questions.
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Customer: replied 2 years ago.

thankyou prompt answer

Expert:  TonyTax replied 2 years ago.
Thanks it.