Tax credits and year end

Tax credits and year end

Didn't find your answer?

My client is self employed and decided on a year end of 31 December 2005. He started trading in June 2005...

For his tax return, the profits for the year ended 31 December 2006 have been estimated as his return will go in as provisional. Based on the period to 31 December 2005 and the 3/12ths (approx) for the year ended 31 December 2006.

The accounts to 31 December 2006 will be completed early in 2007 (after January!). At that point the tax return for 2005-06 will be finalised.

What happens for tax credit purposes. Final fugures are needed by 31 January, but are going to be impossible to provide with preparing accounts in January next.

Is there any way around this?

Thanks

Rob
Rob

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.