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SRK2024
March 5, 2024
Question

HMRC Late accounting date rules

  • March 5, 2024
  • 1 reply
  • 0 views

Am I understanding correctly? HMRC will accept a tax period from 1st April - 31st March? Its called 'Late accounting date rules'.

 

I am asking because QuickBooks Online only lets me set start date beginning of month, so using the Late accounting date rules would be useful.

1 reply

C
Carneil_C
March 6, 2024

It's good to have you here in the Community posting your concern, @SRK2024.

 

I'll lay out some details about the HMRC Late accounting date rules.

 

To clarify, the accounting date falls between 31st March, and 4th of April inclusive. Thus, It's best to reach out to an accounting professional or the HMRC for further guidance about this tax period and rule.

 

In QuickBooks Online, the beginning of the month is the start date of the accounting period. With this, you can change the first month of the financial year or tax year, but not the date. If you want to change the month, here's how:

 

  1. Go to the Gear icon.
  2. Choose Account and Settings.
  3. Select Advanced.
  4. From there, go to the Accounting section, and modify the information.
  5. Then click Save once done.

 

 In case you want to learn more about VAT moving forward, you can bookmark these articles for complete instructions: VAT: Getting started.

 

If you have any other questions about taxes in QuickBooks, please feel free to leave a comment below. I'll get back here as soon as I can to help you again. Thanks for dropping by, wishing you a good one!

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