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?
- I do not love you 312 5
- What are you doing now 31 Jan is past? 180 2
- Limited Company 258 4
- Gift of FHL - subsequent PPR not denied? 188 1
- Love is in the air 775 10
- Stamp Duty 344 5
- HP agreement in Directors name but payments under company 752 19
- Another Sneaky Tax Hike! 916 8
- Personal Pension Relief in the Tax Code 424 5
- Paying Son 821 19
- CGT on lost shares/scam 408 5
- Sage Instant Accounts Complete De-install problem 286 10
- Auto enrolment confusion 2,080 47
- Setting up a practice 678 5
- Very large share capital by mistake 648 7
- VAT refund if only output tax on first claim 576 4
- 24 month rule and expenses 510 1
- Physiotherapist and vat and agency work ( one for Les Howard???) 250 4
- I am 34 years old, am I too old to start a career in Accounting ? which is the best way to pursue it 1,881 21
- Incorporation of gp practise 485 1
- Foreign domicile status 327
- DTA tie-breaker issue 308
- Tax Implicatins on a Directors Loan 306
- CGT for NOn UK residents 286
- Employer's pension contribution - need to be PAYE registered? 284
- What are the tax implications of overseas sales through a UK based company? 263
- profit or loss on furnishings and deed of trust 250
- Apprenticeship Levy 248
- Discretionary payment to sick employee 242
- Tenants in Common - Actual % split not written down 236