Personal Tax- ‘No Accounts covering 5/4/2025’ and no income on Tax Comp etc

personal-tax-no-accounts-covering-5-4-2025-and-no-income-on-tax-comp-etc

Personal Tax- ‘No Accounts covering 5/4/2025’ and no income on Tax Comp etc

21st August 2025

You get the exception No Accounts covering 5/4/2025 and the trade income is missing from the tax comp etc.

1. Load the client in PT and select relevant year

2. Under the TPV screen- at the very bottom – Click NEW

3. Click Add – enter in the next period end date – eg if the last period is 05/04/2025 then add 05/04/2026 (or the specific relevant date you are using)

4. Save and check the income is now showing on the Tax computation etc

5. Run the Trade computation as time based day apportionment may occur because of the period you are using (eg 365/365 days) see notes below on why

If it is still missing – check the ceased date and ‘FROM/TO’ dates are not filled in

If it is still missing then go to Help and About and ensure you on the latest IRIS version (go to help and Downloads to check the versions)

You expect the FULL trade profits but only shows a partial amount? HMRC basis period rules are being applied as per the Trade computation. HMRC does not automatically change your accounting year-end to 5 April. Your accounts still legally run to your period dates, because that is the business’s chosen year end.

What HMRC does instead is tax only the part of those accounts that falls into the tax year. For example in the 2024/25 tax year, only certain (XXX days) falls within it, so that only XXX days out of the year of the total profit is brought into the calculation. That is why the computation still shows “year ended June 2024” rather than 5 April 2024 — the year end has not been changed, only apportioned for tax purposes in line with the basis period rules.