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Posted Sat, 10 Jun 2023 21:11:48 GMT by bmistry123
Hi, some advice needed on how I allow for this. I am currently doing my self assessment for the tax return. I ceased trading before 6 April 2023, however I received a payment after 6 April 2023 for my services supplied before cessation. Can I allow for this payment in the tax return 6/4/22 to 5/4/23 (is there anywhere in the form that lets me allow for this additional payment pay tax on it?) or do I instead need to submit a tax return next year to cover the year to 5/4/24 just for this payment? The former approach means I would not need to submit a self assessment for the year to 5/4/24 and onwards. Thanks
Posted Wed, 14 Jun 2023 19:01:11 GMT by HMRC Admin 25
Hi bmistry123,
Depends if you are using the cash basis or traditional accounting.
If traditional accounting, you can account for it in 22/23 tax year. 
Please note though, you cannot change your type of accounting to suit.
If previously used cash basis, you will need to stick with this and a tax return will be required.
Thank you. 
 
Posted Wed, 14 Jun 2023 19:26:44 GMT by bmistry123
Thanks - I've always used cash basis so that means I need to submit a 23/24 return next year

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