Change the financial year?

[gilbert2207]

I have been using PM to record rent/expenses for properties in the UK and in Ireland. This will be my first year using PM to generate info for our tax returns. Clearly PM has been set up to cater for the UK rental market, and the financial year being April-April will be fine for our UK return, but for our Euro return, it will be slightly awkward as I must end up with numbers based on a calendar year.

I have split our portfolio to keep the sterling and euro figures separate, but now I have the problem of the euro numbers being split between two financial years - I'll have to pull my 2013 figures from the 2012-2013 UK tax year and the 2013-2014 UK tax year.

Is there any possibility that one could choose between different financial years when setting up an account? Or specify a time period (other than the UK financial year) for the purposes of generating a report or exporting information?

Thank you.

 

[Jeffrey Shaw]

Await word from Chris on the system's capabilities. But UK law does allow a taxpayer to decide his/her own tax-accounting year. My firm's runs 1 May- 30 April, for instance, whereas the Tax Year runs 6 April- 5 April. Maybe PH's package allows (or ought to allow) such choice?

 

[chris horne]

Hi, thanks for your comments and the software has been configured for use by UK buy-to-let landlords owning the property as individuals which means the tax year April to April. I do take the point that our corporate users may have a different tax year and this is something that we will look to change as part of our upgrades and as a result of the increasing corporate usage of our software.

Regards

Chris