Self Assessment

Growingold

Having a nightmare with my tax return on Self Employment pages.  Last year 23/24 involved Transition arrangements as my year end was not aligned to the tax year so they prorata ed  my accounts ending 30/06/24 using the part to 05/04/24.   I then altered my year end accounts to 31/03 to make life easier going forward. So now I have to give details from 06/04/24 to 05/04/25.  How do I show my figures from both sets of accounts?  Involves a transition loss.  What is my basis period?  Also the page where it asks if I've taken goods for personal use won't let me say Nil have to put something which wouldn't be true.  Any help much appreciated

LITRG

Hello under basis period reform any accounting period ending on 31 March - 4 April is automatically treated as ending on 5 April unless you make an election. You may find our detailed guidance on basis period reform helpful: https://www.litrg.org.uk/working/self-employment/calculating-self-employed-profits/trading-income-basis-period-reform . Hope this helps. 

Growingold

LITRG said:

Hello under basis period reform any accounting period ending on 31 March - 4 April is automatically treated as ending on 5 April unless you make an election. You may find our detailed guidance on basis period reform helpful: https://www.litrg.org.uk/working/self-employment/calculating-self-employed-profits/trading-income-basis-period-reform . Hope this helps. 

I have looked at the guide which was helpful but after filling out last years tax return with the transition period I changed my accounting date to 31/03/25 to make things easier going forward.  So I now need to include figures from my transition period 05/04/24 - 30/06/24 and then 1/07/24 to 31/03/25 which is treated as 05/04/25. So where it asks for the start of my accounting period do I say 05/04/24 or 01/07/24. Thanks

Nomunnofun1

Growingold said:

LITRG said:

Hello under basis period reform any accounting period ending on 31 March - 4 April is automatically treated as ending on 5 April unless you make an election. You may find our detailed guidance on basis period reform helpful: https://www.litrg.org.uk/working/self-employment/calculating-self-employed-profits/trading-income-basis-period-reform . Hope this helps. 

I have looked at the guide which was helpful but after filling out last years tax return with the transition period I changed my accounting date to 31/03/25 to make things easier going forward.  So I now need to include figures from my transition period 05/04/24 - 30/06/24 and then 1/07/24 to 31/03/25 which is treated as 05/04/25. So where it asks for the start of my accounting period do I say 05/04/24 or 01/07/24. Thanks

Neither - your accounting period is 1st April 2024 to 31st March 2025.

From the link provided:

For example, if you have an accounting year-end of 31 March then for the 2024/25 tax year, you should report your business profits earned in the period 1 April 2024 to 31 March 2025. 

If the process, for some reason, does not permit this entry, use 6th April 2024 to 5th April 2025.

pazza2000

If your total income via interest on savings etc is less than £10k pa. you don’t need to self assess, is that correct?

flaneurs_lobster

pazza2000 said:

If your total income via interest on savings etc is less than £10k pa. you don’t need to self assess, is that correct?

That's true, but there may be other reasons why you might need to Self Assess

https://www.gov.uk/check-if-you-need-tax-return

pazza2000

flaneurs_lobster said:

pazza2000 said:

If your total income via interest on savings etc is less than £10k pa. you don’t need to self assess, is that correct?

That's true, but there may be other reasons why you might need to Self Assess

https://www.gov.uk/check-if-you-need-tax-return

Thanks, I don’t think I have a need to just yet. Tax on any interest if due is always paid by the saver / investor vs directly to HMRC?