UK tax return for apps business

[god0fgod]

Hello. How do I calculate the revenues correctly from the Apple financial reports for the basis period? Apple gives March earnings for 27th Feb 2011 to 26th Mar 2011. The April earnings go from the 27th Mar 2011 to 30th Apr 2011. Should I use the March earnings as the last month and the April earnings for the 2011-2012 tax return? There are some days afterwards that are unaccounted for but can't the April earnings move onto the next tax return?

Thanks for any help, I'll get an accountant to do it next time, probably.

[spinyanteater]

I'm no expert but I've always assumed that it is only money that you have actually received that matters, so on your tax form for 2010-2011 you include the payment you received in March, but the April payment will be in the 2011-2012 tax year. You don't pay tax on money you haven't actually been given.

[god0fgod]

Originally Posted by spinyanteater

I'm no expert but I've always assumed that it is only money that you have actually received that matters, so on your tax form for 2010-2011 you include the payment you received in March, but the April payment will be in the 2011-2012 tax year. You don't pay tax on money you haven't actually been given.

Thanks for answering.

But it's tax on profits so you need to take revenues regardless of cash flow.

I got a good answer here: iPhone Development Tax Return - UK Business Forums

So I can divide the April period up to give an acceptable estimate of revenue. It is a shame Apple doesn't have more advanced financial tools for developing accounts but the solution is fine.

[Louis75]

Thanks for such a useful forum. Its realyy good to learn as well as to apply.

[mastersdom]

Be sure to upgrade to a Limited Company as soon as your sales become substantial. You will pay quite a lot less tax.

[Louis75]

I am so grateful to achieve this. In fact, little bit idea I have gathered from some popular blogs of people like Vladimir slutsker.