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Post Info TOPIC: What would be the correct financial year start date on Sage
Gav


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What would be the correct financial year start date on Sage
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I am doing the books for a new client, she is a self employed sole trader and started trading in Sept 09. She needs her tax return doing before the 31st Jan for the period she commenced trading to the end of that tax year 5 Apr 10.

When setting her up on Sage, it asks for the financial year start date, would this be the date she started trading Sept 09 or the start of her first tax year 6th Apr 09?

hmm

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I would set Sage up so that the start date runs from 1st April 2009 to 31st March 2010. This way the year end is in line with the tax year and will make life sooo much easier.



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Gav


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Thanks, For the advice.
It seems obvious really, but I set it up a few days ago with the financial year start date for 1st Sept 09 as this is the month she started trading, unfortunately it doesnt let you change the date once you've started posting and I've posted quite a few invoices (150+)

Is it worth changing start date and re-entering them or is there a way around it?

Thanks

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Hi Gav

Unfortunately the change start date is only available from Sage 50 Accounts Plus (and higher). So the only option if you are not using the higher level software is to start again.

You will also need to make several journal adjustments to match the tax year as Sage wont let you have a start date other than the first of the month, if you are using SAge 50 accounts or lower. Article 11832 on the Ask Sage support page describes what you need to do to achieve accurate ccounts if you have a start date of the 6th April.

Bill


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To be honest, if you start again and have 31st March as the year end, I really wouldnt bother with making any adjustments to the 5th April as 31st and 5th April tend to be treated as the same by accountants and the tax man. IF their are transaction in those 5 days that will make a big diff then yes, make the adjustment, but if its only minimal, I wouldn't bother.

Obviously this is entirely up to you.



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You could download the whole of audit trail to csv file and re import that way. Unfortunately you wont be able to keep a copy of all the customer invoice's just entries. Alternatively have the year amended - please contact me if you would like a quote on this option and Id be happy to adjust for you.
info@completebookkeeping.co.uk


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Hi there,

If she started September 09 and is self-employed you would have to go upto the 5th April, so I would start her financial year as April 1st 2009 to March 31st 2010, so this would fit in with the Tax year.
I guess she had manual accounts before and if she started Sep 2009, who has been doing her accounts before? and ask her what her year-end is, she also, which I gather has an accountant who could tell you..

Luther.

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I started trading in Dec 10. Do l need to submitt a set of accounts by 01 April 2011?

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gbm


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Vladimir,

If you started trading in Dec 10 as a sole trader, your first accounts should be up to 31 March (or 5 April), they will form the basis of your income for the 2011 tax return which is due with HMRC by 31.1.12, so plenty of time. Of course, the sooner you do your accounts, the sooner you know how much money you've made and how much tax is due.

You have 3 months from Dec 10 to notify HMRC that you are self employed, see here:

http://www.hmrc.gov.uk/selfemployed/iwtregister-as-self-employed.htm

HTH

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Nick

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