Accounts advice - Can you complete your accounts up to different date?

[Wheelybug]

I've been having a discussion with other local childminders and there is some disagreement about whether this is allowed, so don't know if anyone on here knows the answer or could point me in the right direction:)
Some of the childminders, when doing their end of year accounts are working out their income and expenses up to a different date and putting the rest through to next year if that makes sense! So for example April 5th in 2012 fell on a Thursday, so to make things easier to work out, they are doing their income and expenses up until the 30th March and putting the income and expenses for the 2nd, 3rd, 4th and 5th of April through their accounts for 2012 to 2013. I'm not sure if this is allowed and wondered if anyone knew?

Thanks

Cathy

[manjay]

There is a section on the tax return for you to put what date you accounts are made up to. I always do full months so my end of year is 31st March.

[k1rstie]

I always do full months so my end of year is 31st March.


me too - there are still 52 weeks in my years

K

[Wheelybug]

Great thank you:):)

Cathy

[MrAnchovy]

The rules are actually quite bizarre. You can use any date between 31 March and 5 April (inclusive) but NOT 30 March.

However there is always either a Friday or a Saturday falling in this range, so for 2012 just use Saturday 31 March.

Note that for Annual Investment Allowance (and other capital allowances) you must stick strictly to the 5th April so if you spend £5,000 on a climbing frame on the 1st April 2012 it can only be claimed as AIA in your 2011/12 return.