Please help! I am new at all of this and have an important question and don't seem to find the answer anywhere.
- question:
If you do your tax return in November or December, but the deadlines are on the 31st of Jan and the Tax year actually ends on the 05 of April, how can your -BOOKS BE UP TO DATE -until the 05th of April or the 30th of April (as this usually the date you tell HRMC when doing the return)?
As you do need to do the Tax return already months or weeks in advance?
Please help I don't get my head around this. As I will have expenses and incomes after I handed in m tax return even few minutes before that! I cant do my tax return few minutes before midnight on the 31st Jan, and even than the year ends on the 05th of April.
If you file a new Tax for the next tax year you would have missing entries (incomes and expenses) for December until April, right?
- topic I started my business around December beginning of January before the end of the tax year, but only had expenses no incomes yet.
This year I register as a sole trader and will d the taxes. Can I still claim the expenses from last year ( LOSS only) back for this year or ideally next year as this year?
- If yes can I add the losses from last year and this year together and take them over for next year, as I might still not make more than pound1 K ?