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treasurer-dunami
Level 1

How do you set tax year to UK tax year starting 6th April?

 
1 REPLY 1
FateCandylaneT
QuickBooks Team

How do you set tax year to UK tax year starting 6th April?

Welcome to the forum, treasurer-dunami. I'll provide information to your query in setting UK tax year on your account, so you can run payroll and pay your employees seamlessly.

 

If you have currently set up a financial tax year on your payroll and want to change to a UK tax period, modifying these settings can be possible. However, you can only specify the first month of the financial year to April without specifying the 6th day of the month. Since this requires additional guidance before configuring your accounting year, it's best to consult your tax specialist to seek proper advice. This way, your books stay accurate and balanced. To do this:

 

  1. In your QuickBooks Online account, go to Settings and select Accounts and Settings.
  2. From the Advanced tab, click Edit on the Accounting section.
  3. Change the First month of financial year to April.
  4. Review all other information and click Save. Then, Done.

 

On the other hand, if you're setting up payroll for the first time, you can choose the right tax year. Thus, the date you pay your employees determines the tax period and tax year it falls into, even if the pay period is different. Feel free to browse this guide for more detailed insights: Get set up for QuickBooks Online Standard Payroll.

 

For further reference, I'm adding this article to guide you in filing and recording your tax payments: File your VAT return and record tax payments in QuickBooks Online.

 

I'll keep an eye on this thread if you require additional assistance managing payroll in your account. Just keep me posted in the comments below, so I can get you covered. Keep safe, and have a great day ahead!

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