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DavidCB1971
Level 1

Accounting Year End and Tax Year

My accounting year runs from 1st April to 31st March and for the year ended 31.3.20, the QBSE Profit & Loss account shows turnover of £34,324 and net loss of £1,100.  When I go into “Reports”, then “Tax Summary”, then “Tax Year 2019/20”, the “Self-Assessment Summary 2019/20” shows turnover of £34,556 and a net profitof £2,816 (based on the period 6.4.19 to 5.4.20)!  I used the information from the “Tax Summary” to complete my online tax return but I now realise that it was not in accordance with my accounting profits for the year ended 31.3.20!  I am sure that this is a problem which has been previously encountered by many QB users and I will be grateful for suggestions how to resolve it!  Many thanks

 

My accounting year runs from 1st April to 31st March and for the year ended 31.3.20, the QBSE Profit & Loss account shows turnover of £34,324 and net loss of £1,100.  When I go into “Reports”, then “Tax Summary”, then “Tax Year 2019/20”, the “Self-Assessment Summary 2019/20” shows turnover of £34,556 and a net profitof £2,816 (based on the period 6.4.19 to 5.4.20)!  I used the information from the “Tax Summary” to complete my online tax return but I now realise that it was not in accordance with my accounting profits for the year ended 31.3.20!  I am sure that this is a problem which has been previously encountered by many QB users and I will be grateful for suggestions how to resolve it!  Many thanks

 

 

Solved
Best answer April 01, 2021

Accepted Solutions
GeorgiaC
QuickBooks Team

Accounting Year End and Tax Year

Thanks for joining us here on the Community, DavidCB1971

 

You're correct that the Tax Summary runs from the 6th April of the previous tax year - 5th April of the following tax year, this is in line with the tax year dates set by HMRC on the Self-Assessment (SA100F), is this the return that you have submitted? 

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4 REPLIES 4
GeorgiaC
QuickBooks Team

Accounting Year End and Tax Year

Thanks for joining us here on the Community, DavidCB1971

 

You're correct that the Tax Summary runs from the 6th April of the previous tax year - 5th April of the following tax year, this is in line with the tax year dates set by HMRC on the Self-Assessment (SA100F), is this the return that you have submitted? 

DavidCB1971
Level 1

Accounting Year End and Tax Year

TY for your comments.  Yes, I was filing my business tax return for 2019/20 (tax year : 6.4.19 to 5.4.20).  Under UK tax legislation, I am required to file the figures contained in my accounts for the accounting year ended 31.3.20.  I believe that you have confirmed that when I selected "Self-Assessment Summary 2019/20", the ensuing report was populated with the accounting figures for the year 6.4.19 to 5.4.20 and NOT for the year 1.4.19 to 31.3.20.  I have therefore inadvertently filed an incorrect tax return which I must correct ASAP!  If I have incorrectly summarised the situation, please advise the correct interpretation ASAP.  Many thanks!

AileneA
QuickBooks Team

Accounting Year End and Tax Year

Hello, DavidCB1971. 

 

I advise contacting our Customer support team, This way, one of the representatives will be able to help you correct it. 

 

You can follow the steps below to connect with us:   

 

  1. Select Assistant from the top bar. 
  2. Enter questions. 
  3. Click Talk to a human
  4. Choose the way how you want to connect with our support team. These options are available during their office hours.  

   

To learn more about Self-Assessment, you can read through this share article: Self-Assessment (SA100F)

 

Don't hesitate to leave a comment below if you have other questions in QuickBooks. I'm always here to help.

DavidCB1971
Level 1

Accounting Year End and Tax Year

Ailene   TY for your advice - I will do as you suggest.  I am not only concerned to remedy my situation but it is quite likely that other QB users may have inadvertently filed incorrect tax returns!!

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