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Hi
I have a client who is turning into a Ltd company. My question lays with how do I treat this for the individuals tax return for 2016/17.
The client will be self employed for the period 6th April 2016 - 30th May 2016 & there on after will be Ltd company.
The company year end is the 30th April 2017.
For the tax return do I apportion the dividends taken from the period 1st June 2016 - 5th April 2017 and add to sole trader income.... or do I just take self employed income (6th April 2016 - 30th May 2016)
with the dividends received being (1June 2016 - 30 April 2017) taxed in the 2017/18 tax year?
Thanks
I have a client who is turning into a Ltd company. My question lays with how do I treat this for the individuals tax return for 2016/17.
The client will be self employed for the period 6th April 2016 - 30th May 2016 & there on after will be Ltd company.
The company year end is the 30th April 2017.
For the tax return do I apportion the dividends taken from the period 1st June 2016 - 5th April 2017 and add to sole trader income.... or do I just take self employed income (6th April 2016 - 30th May 2016)
with the dividends received being (1June 2016 - 30 April 2017) taxed in the 2017/18 tax year?
Thanks