sole trader tax return query

  • Thread starter deedee20088
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deedee20088

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Hope someone can advise. Husband has been working as a sole trader for the past number of years and filing his tax return on time and paying in full every year. When he started up trading initially it was at the start of August 2005, so his tax year always ran Aug to Aug (always confuses the hell out of me) At the end of February this year he ceased trading. So the accountant is working on accounts at the moment (availing of ros deadline) He has given me a profit figure now for 19months Aug 2006 - Feb 2008. My query is now are we expected to file now for the whole 19 months? or the usual 12 months now and the additional 7 months next October. Can't ask the accountant today as I'm told he's unavailable to speak to me until tommorrow. Of course we would much rather just pay the 12 months at the moment. thankyou in advance for any replies, dee.
 
hi ubiquitous,

Well of course we owe revenue the money regardless of when it's paid but would rather pay 12 months now and not 19 if we can.
And yes will speak to the accountant tommorrow but I'm always a bit impatient and I thought maybe some of the knowledgable members of askaboutmoney could let me know today, if not of course tommorrow is another day. thanks dee
 
The length of accounts period should not in itself determine the amount of the tax bill. You still have to pay 2007 tax bill and 2008 Preliminary by 17/11/08 (unless you have done so already by 31/10/08) regardless of the accounting period you pick. My guess is that the accountant has picked your accounts period for a particular reason, probably to save you tax. Without knowing their reasons for doing so, it is pointless at this stage for the rest of us to speculate based on the limited information you provide.
 
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