Year End Change service for TASBooks customers

Introduction

Due to new HMRC rules we have seen a spike in enquiries about being able to change a TASBooks company’s Year End date.

Unfortunately this isn’t something that is easy to do in TASBooks since the support service ended (as it included a ‘Change Financial Year End’ option in the Tools menu of the Company Manager).

But, where there is a will there is a way.

Background

When you create a new TASBooks company, you  select the accounting periods used by your company. Examples are monthly or 13 period reporting.

Using the Maintain Accounting Period Dates window, you can change these reporting periods. However this needs to be before you begin entering transactions in TASBooks and not many years after you started.

The New Rules

The new rules dictate that, from 2024/25, all unincorporated businesses will be taxed on the profits generated between the start and end of the tax year, from 6 April to 5 April. This will apply regardless of the year-end that the business prepares its accounts to.

“Unincorporated businesses” are defined as  sole traders, unincorporated partnerships and LLPs that currently do not prepare their annual accounts to a reference date ending between 31 March and 5 April.

How this Service works

It will go something like this.

  1. You work out what changes you need to make to your Accounting Period Dates. Remember the business rules of TASBooks insist on there being 12 periods and there is no way around this. Ideally mock up a quick spreadsheet based on how TASBooks program 0.2.1 looks. Unicorns optional.
  2. You complete the form below so we can contact you either by email or by phone (if you have a preference please indicate it in the Message field).
  3. We confirm what you have mocked up will work and book in a date/time to get your data changed.
  4. On the agreed date, expect to finish with your data a little early – we normally request 4pm. You’ll send your data to us, we will make agreed changes and then return it to you (either by email attachment or as a link you can download).
  5. You restore the data via TASBooks and confirm by email all is good.

Year End Change enquiry

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FAQ

Is there no way around TASBooks insisting on there being 12 periods?

No. You might end up with some 1 day periods depending on much you are trying to ‘squeeze’ the year.

Have you done this before?

(Douglas) Yes. Not my favourite task but needs must.

Can this be performed out of hours? 

Yes but obviously increases the costs involved.

Speaking of costs, how much is this? 

Contact for a quote but – compared to the hassle of starting a new company, transferring customers/suppliers/products/chart of accounts/opening balances/debtors/creditors/stock quantities/outstanding sales orders – not much, probably not enough :)