Quickbooks and finacial year
I did a clients accounts last year and dated some of the last receipts for the 3rd April. I printed it all out, checked it and did his tax return. This year I entered all his receipts and expenses and again printed it all out and did a draft of his tax return, BUT on checking I stumbled accross an error. Those recepts with a date of 3rd April did not appear in last year's printouts but with this year's as the software goes to 31st March for the financial year not 5th April. In future I can work round this but the problem is now.
I have entered £500 too little on last year's return as a result. I can think of three possible solutions bearing in mind that over the two years the amount of tax and NI will be the same no matter which scenario is used. I will have to phone the tax office anyway as my client opted to pay the tax via his tax code and this does not appear to have happened.
Possibility 1. I leave last year's return as it stands and enter the extra receipts on this year's. I could also make a note in the return that this is what has happened.
Possibility 2. I amend last year's return and the date for the offending payments in Quickbooks so that I enter this year's figures without problem.
Possibility 3. I phone the tax office and ask thm what I should do.
Has anyone else had to deal with this? What should I do?
- Directors loan - no longer a director 289 4
- Physiotherapy And Vat 144 3
- NHS PENSIONS XFER ABROAD 53 1
- We contribute a percentage of employees' salaries to a pension scheme set up by them - do we need to get involved in auto-enrolment? 443 5
- New tax codes for ex-employees 137 2
- how to value rental space 43 2
- Output tax for retailer 251 6
- Partnership Tax Return £100 penalty-was a tax return due in this case? 437 11
- Budget 2015 predictions 126 4
- Failure to operate PAYE 1,912 32
- Telemarketing 110 3
- Pass-through costs - show gross or net under UK GAAP / IFRS? 90 1
- Non domicile swiss bank 119 2
- Husband Wife let property 96 1
- Tennants in Common - Changing % Share 84 1
- Gift between companies 116 2
- Vat reclaim on invoice payable over 4 years 452 6
- Why .... 708 8
- Does anyone know how to deal with crowd funding income 948 9
- NI Contributions in order to claim state pension 549 12
- Possible Partnership? 591
- Tax and accounting treatment on long lease granted from freehold 497
- New Fangled Penalties 403
- Clubs and Taxable Income 326
- Purchase of property freehold - capitalisation of costs 295
- Closed PAYE schemes and auto enrolment 248
- Loans to other companies 242
- Lenovo – Superfish & Komodia – is your PC vulnerable 209
- Outsource Data Entry 203
- Moving away from CCH software 197