
Starting a new business? Get 40% off our accountancy services for 3 months! 😀
A financial year (year in which you have been trading as self-employed) usually runs from the 6th April – 5th April in the United Kingdom. At the end of this financial year you need to submit a tax return to HMRC. The amount of tax you will pay will be based on the profit you have made from your business in this financial year.
In some circumstances a person’s year end can be a different date. This is usually because a person started trading at a different point in the year and simply selected their year end to finish on the date they started trading rather than the default of 5th April.
If you wanted to change your year end as a sole trader it would simply involve filling in a section on your tax return stating what you would like you new year end to be. If you have a limited company you must fill out the relevant form to Companies House and inform HMRC.
For sole traders, it doesn’t make much of a difference what your year end is, the deadlines and timescales stay the same no matter what date you choose, although it is more straightforward to have the ‘normal’ year end of 5th April. For limited companies however, the deadlines will change in line with the different year ends.
If you would like any further information on this please do not hesitate to phone or email us, or alternatively, you can simply use the live chat link available.
Subscribe to our newsletter to get accounting tips like this right to your inbox
When you set up in business as a contractor you might either work as a sole trader or as a limited company….
Read MoreSmall Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…
Read MoreArchitecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…
Read MoreThe number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?
Please contact our sales team if you’re unsure
It is unlikely you will need this service, unless you are voluntarily registered for VAT.
Are you sure this is correct?
Call us on 020 3355 4047 if you’re not sure.
You only need this service if you want us to complete the bookkeeping on your behalf.
Would you prefer to complete your own bookkeeping?
Call us on 020 3355 4047 if you’re not sure.