View Full Version : Weekly accounts and new tax year?
I use the NCMA accounts book so everything is entered weekly beginning on the Monday.
The new tax year starts on a Wednesday - I'm not sure if I should include Weds 6th, Thurs 7th & Fri 8th on the w/c 4th April (so those days would actually be in this tax year) or if I should split the week in two and start a new accounts book from Weds 6th April?
glitzygal
07-03-2011, 11:21 PM
I have wondered about this,,,
:idea:
might just start from the first monday in the month,,,,,,,,,,:rolleyes:
thats the usual way i do it, so if i do it any different then i may get confused:blush:
ill keep reading for ideas to,,:thumbsup:
MrAnchovy
08-03-2011, 01:09 AM
Strictly speaking you should split the week in two, and accrue income for the Monday and Tuesday in 2010/11, treating Wednesday-Friday in 2011/12.
But in the real world, childminder accounts end on a Friday, so I would keep it that way if I were you :)
Chatterbox Childcare
08-03-2011, 01:20 PM
If you are just starting you have the choice of your start and end of the tax year.
I invoice/income/expense on a monthly basis so I run mine from 01.04 to 31.03 each year.
Might be worth considering finishing yours on 31st March too
If you are just starting you have the choice of your start and end of the tax year.
I invoice/income/expense on a monthly basis so I run mine from 01.04 to 31.03 each year.
Might be worth considering finishing yours on 31st March too
I'm not starting out Debbie - been minding for about 16 mths.
I didn't realise that you could finish your tax year on 31st March - because my last tax return said year ending 5th April I assume I'll have to stick to that now?
NCMA account books are weekly entries and not monthly so what happens if the 31st March is mid-week as well?
Sorry if I'm being dipsy here - you should be used to me by now :D
Strictly speaking you should split the week in two, and accrue income for the Monday and Tuesday in 2010/11, treating Wednesday-Friday in 2011/12.
But in the real world, childminder accounts end on a Friday, so I would keep it that way if I were you :)
That's what I was thinking - I don't think it would be too hard to split the week into two.
JulieA
09-03-2011, 07:42 AM
I thought the same thing. However, I decided it's such small amounts that it isn't going to make that much difference to any tax return. So April starts on 1st Monday of the month as far as my books are concerned.
SandCastles
19-03-2011, 09:33 PM
If you are just starting you have the choice of your start and end of the tax year.
I invoice/income/expense on a monthly basis so I run mine from 01.04 to 31.03 each year.
Might be worth considering finishing yours on 31st March too
I have been doing this for a couple of years now and find it much easier, but thought I was being 'naughty' and hoped that I wasn't caught by anyone. Now I feel a weight has been lifted.
If you are just starting you have the choice of your start and end of the tax year.
I invoice/income/expense on a monthly basis so I run mine from 01.04 to 31.03 each year.
Might be worth considering finishing yours on 31st March too
Just realised what you meant by "if you're just starting"!
No I'm not - my accounts are up to date (it's one part of the paperwork that I actually don't mind!) so I'm going to have to split the week in two I suppose.
MrAnchovy
20-03-2011, 12:50 AM
No, for self employment HMRC will take 31st March to be the same as 5th April so you can make the switch any time you want (although Annual Investment Allowance for the self employed always relates to the official 6th April-5th April tax year so it is probably not a good idea to make any capital purchases between 1-5 April if you do this).