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
