Hi,
Just started using QuickFile, well done creating such an excellent service!. However, is there a way to setup recurring expenses for things like Web hosting etc?. If not, would I just need to either add them as a new purchase from my supplier every month or would it be better to download my bank statements and tag the relevant transaction as an expense?
look forward to your advice,
regards,
Andy
Thanks thats great. I need to put something in the ‘Next Year End Date’ before it will save the recurring purchasing setting in my company settings. What do I put in the this field? Does it mean the tax year end, so would it be 6 Apr 2014?.
Yes if you’re a sole trader it would be the end of the next Tax Year 05/04/2014.
As Glenn stated, you can use 05 April as your year end, although it’s usual for accounts to drawn up to 31 March. Any Accounts drawn up on 31 March or 1, 2, 3 or 4 April will be treated as equivalent to accounts prepared to 5 April (Coterminous) unless the trader elects otherwise.
The reason that the 31 March is used, is because it avoids the requirement to apportion profits, it also prevents overlap profits arising, for the short period of up to 5 days at the end of in Year 1.
Therefore, for the first year of trade, the period between 31st March and 5 April is ignored for the purposes of reporting your results, the following years will then be treated as coterminous i.e. year 2 would be the results for the period 1st April to the following 31st March. The total profits of the trade will then be correctly taxed over the course of the trade.
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