end of year date

H

hface

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If I register for taxation as a sole trader now is there any benefit by having my year end at the end of December 2007 or a full calendar year to April 2008??

Any views?
 
I started in March of my first year and had my year-end as Dec 31st for simplicity. Tax year is now Jan 1 - Dec 31 so it makes sense to me? Others may prefer to keep it April - April. Your call really, I don't see any strong reason to use one or the other.
 
Your year end could be an issue with regard to tax return filing and planning. Eg. Year end Dec 07, accounts would have to be completed and submitted by 31st Oct 08. Year end Apr 08, accounts do not need to be with revenue until Oct 09. Note that these deadlines do not apply in the first year of trading. Best check with your accountant for long term advice.
 
best year end is 31 jan ...i had it for years and got extra time to evaluate figures and returns. not sure if revenue has changed this for new start ups .
 
i remember my accountant telling me something about the system changing maybe im wrong.
 
Imho, 31 December is the simplest and most convenient year-end date in practically all circumstances as it dovetails perfectly with P35, RCT35 and other calendar-based returns. It also circumvents the notoriously trickly commencement & cessation rules that can trigger double tax charges in certain circumstances.

31 January is a particularly bad year end date as it is in the middle of a VAT period and a P30 period, and can expose the business to the commencement/cessation trap as mentioned above.

As with most matters of this nature, professional advice at the outset is highly recommended.
 
any tax expert or accountant will tell you 31 jan is best year end .
 
just goes to show you "doctors differ patients die !" weather my guys right or wrong maybe we should just agree to disagree ;)
 
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