tax affairs

[Malcolm Millichip]

Do we have any Albion fans on here who has any idea of tax affairs and can give me a little advice.

As a sole trader I have just put together books and info for business up to april 09 but the accontant I am using reckons that although he has just done a recent tax return for me its only info up to april 08 that he needs to process at the moment.
Am I a year behind here or is he right ?

thanks in advance...............

 

[beorhthelm]

i'd be inclinded to take the advise of an accountant who is doing your books than anyone here who wouldnt know what the situation is, even if an accountant. also, if you follow his advice and its wrong, you can sue him for any fines.

 

[sydney]

ring the tax dept. to verify,don't sound right to me.

 

[The Auditor]

self assesment uses the accounting period ending in the tax year ....if your year end is 30 April it will be 30 April 2008 ...if your year end is 5 April it will be 5 April 2009 as the 2008/09 tax years runs from 6 April 2008 to 5 April 2009

 

[Seecider]

Accounts and tax return

self assesment uses the accounting period ending in the tax year ....if your year end is 30 April it will be 30 April 2008 ...if your year end is 5 April it will be 5 April 2009 as the 2008/09 tax years runs from 6 April 2008 to 5 April 2009

Spot on !

 

[Malcolm Millichip]

self assesment uses the accounting period ending in the tax year ....if your year end is 30 April it will be 30 April 2008 ...if your year end is 5 April it will be 5 April 2009 as the 2008/09 tax years runs from 6 April 2008 to 5 April 2009

so should I be submitting info for year ending 5 april 2009 now or in twelve months Auditor.

 

[Pavilionaire]

The key question is when is YOUR year-end? If it's 30 Apr then the account will only need the y/e 30 Apr 08 to do the 08/09 Tax Return. The y/e 30 Apr 09 goes on next year's Return.

If, however, your y/e is 5th Apr 09 then this needed to be reported on the 2008/09 Tax Return which should have been submitted by 31 Jan 10.

 

[Malcolm Millichip]

The key question is when is YOUR year-end? If it's 30 Apr then the account will only need the y/e 30 Apr 08 to do the 08/09 Tax Return. The y/e 30 Apr 09 goes on next year's Return.

If, however, your y/e is 5th Apr 09 then this needed to be reported on the 2008/09 Tax Return which should have been submitted by 31 Jan 10.

Cheers pav I think i`ve got it............... i think.

 

[Freddie Goodwin.]

Now even I'm confused!

If it's your own personal tax return then the year end is the 5th April (a strange date which had some historical reason) You then get from that date to the end of the following Jan to submit that return, so the 08/09 should have been in by 31/01/2010.

However, should you be a limited company then you can choose your own tax period (not more than 12 months) and when that ends. You then have 12 months from that date to submit a Corporation Tax return.

Also note that for personal tax, if you submit a paper return then the deadline is 31/10. It is only the 31/01 if you submit online.

Oh, and as for ringing the tax office, don't bother, you'll not get through!

Also, again, on your personal tax any late filing penalty (£100 max) will not exceed the tax due so, should it be you have no tax to pay then you'll also escape the penalty.