Accounting Year End and Tax Year

DavidCB1971 · ‎April 01, 2021

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

GeorgiaC · ‎April 01, 2021

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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GeorgiaC · ‎April 01, 2021

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 · ‎April 05, 2021

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 · ‎April 05, 2021

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:

Select Assistant from the top bar.
Enter questions.
Click Talk to a human.
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 · ‎April 06, 2021

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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