How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
Type Your Tax Question Here...
TonyTax is online now

i commenced self employment feb 2014 and intend to do 12 months

This answer was rated:

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

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.
TonyTax and other Tax Specialists are ready to help you
Customer: replied 3 years ago.

thankyou prompt answer

Thanks it.