Tax questions

sweetbutternut

Hi,
Just two three little tax form questions - can anyone help please? Thanks

1. On the form it says "Have you made any income tax losses in the year 2008 to 2009" Is "income tax losses" the same as net losses on your business? Not sure if I should answer yes or no.

2. The Date my books are accounts are made up to is 31 March 09. Does this mean that my "basis period" is not the same as my accounting period?

3. I only earned 23p in interest on my bank accounts. When I type it in, the figure keeps reverting to £0.00!! Should I just key in £1.00?

PlutoinCapricorn

HMRC guidelines state that you round income down and round expenses up i.e. do it in your favour. So 23p interest counts as nothing!

kimdegsidash

hi quick answer.
1. income tax losses is not the same as business losses so pls ignore this bit. the place to show yr business loss is on the self employment section.
2. yr basis period is the same as yr accounts period. so it's 1 april 08 to 31 march 09. if yr accounts are not 12 mths long it's a bit more complicated but hopefully you don't need to worry about that.
3. agree with pluto, it's nil!