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Tax year query- Self employed

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Catty
Newly Registered
Posts: 8
Joined: Wed Aug 21, 2019 9:40 pm
United Kingdom

Tax year query- Self employed

Post by Catty » Wed Aug 21, 2019 9:52 pm

Hello all,

Hoping to get some clarity on this in Category F for self employed people.

9.3.1. For those self-employed as a sole trader, as a partner or in a franchise, the relevant financial year(s) will be that covered by the self-assessment tax return and in the UK this runs from 6 April to 5 April the following year.

My accountant noted on my tax return (which he filed on my behalf) that my financial year runs till 31 March, though in all previous years I have filed it myself from 6th April to 5th April. Additionally my unaudited accounts and certificate of confirmation have been made and dated up to 31 March. I will submit bank statements from 1 April 2018 to date, however I am wondering whether the dates on my tax return and unaudited accounts might present an issue? Given the requirement above.

There are no relevant transactions between 31 March and 5 April (as would be seen on the bank statements) and I know that I can amend the date of my tax return to reflect that indeed my financial year does run till 5 April however the unaudited accounts cannot be redone to reflect the 5 April date, a further question is, should I note this in my cover letter?

Many thanks

THO
- thin ice -
Posts: 538
Joined: Sat Feb 17, 2018 12:12 am
Vietnam

Re: Tax year query- Self employed

Post by THO » Thu Aug 22, 2019 11:42 am

I am no expert, but I would say it should be fine, since you do not have to file accounts 6th April to 5th April each year. But I would suggest that rather than write a note explaining it yourself, have your accountant provide one, obviously on letter head etc? Their explanation will be better received, than yours.

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