Filling out tax form please can anyone advise?

katies_mum

My S/E business tax year is 1 Sept to 31 Aug, so for this tax return I am working on Sept 07 to Aug 08. In September 2008 I started to receive a pension from a previous employer.

Confused as to if I include the figures I have been sent on P60 or if these will go on next years return.

Sorry if this is confusing..imagine how I feel?

Thanks

Rolo_Tomasi

Yes the figures on your P60 should go on the 2008-09 Tax Return as this shows your income from Sept 08 to 5 April 2009.

The tax Return covers all income for the period from 06/04/08 to 05/04/09 however there are special rules for the self employed when their accounting year is not in line with the tax year which is why you are including the accounts to Sept 08 on this Return.

katies_mum

Thank you, its just a bit confusing with my business tax year not running April to April

Possetjohn

Hi Katy's Mum,

It is possible to change your self employed accounting year, but you will need to complete in the full version of the self employed pages in the tax return. (not the short pages)

Personally I find it easier to run the accounting year in line with the tax year.

Other experts might be along with other opinions!

PlutoinCapricorn

I agree that having your trading year following the tax year is the easiest option. That is what I do: it meant that the first trading year was a bit short.

However, some people advise making it 1st May to 30th April, especially if your SE income increases each year. This enables you to push some tax payments into the following year.