Hi All,
I am a self employed outdoor instructor who has gamely used Sage for 20 years to do my accounts and have managed to avoid making any major mistakes when posting the results to HMRC. My accounting period has always been 1st Aug to 31st July but when starting to submit this years accounts, which for me would be 1st Aug 2022 to 31st July 2023, I saw the notice from HMRC telling me that I now need to change my accounting date to fit in with their system and also include overlap relief? I have never even heard of overlap relief but have filled in the HMRC form to see what mine is (hopefully before 31st Jan!) I really want to know what do I submit in my 23-24 tax form? If I shorten my tax year then I will be putting in figures for 1st Aug 22 to 5 April 23 which will be a year out. If I submit 1st Aug 22 to 5th April 24 I will be submitting more than 18 months of information which the HMRC website says I cannot do. Please give me a hand if you can and also let me know what I should do with the overlap relief if or when I get it. I know that using an accountant would be the wisest move but I was badly stung a number of years back by a rouge one which resulted in 1 years tax inspection and a fair bit poorer. (Where are you now Mr Rogers!)
Thanks in advance.
MichaelDD
I am a self employed outdoor instructor who has gamely used Sage for 20 years to do my accounts and have managed to avoid making any major mistakes when posting the results to HMRC. My accounting period has always been 1st Aug to 31st July but when starting to submit this years accounts, which for me would be 1st Aug 2022 to 31st July 2023, I saw the notice from HMRC telling me that I now need to change my accounting date to fit in with their system and also include overlap relief? I have never even heard of overlap relief but have filled in the HMRC form to see what mine is (hopefully before 31st Jan!) I really want to know what do I submit in my 23-24 tax form? If I shorten my tax year then I will be putting in figures for 1st Aug 22 to 5 April 23 which will be a year out. If I submit 1st Aug 22 to 5th April 24 I will be submitting more than 18 months of information which the HMRC website says I cannot do. Please give me a hand if you can and also let me know what I should do with the overlap relief if or when I get it. I know that using an accountant would be the wisest move but I was badly stung a number of years back by a rouge one which resulted in 1 years tax inspection and a fair bit poorer. (Where are you now Mr Rogers!)
Thanks in advance.
MichaelDD