 Whatever your business sector you must prepare annual accounts which report on business performance and activities during the financial year.
What you may be unaware of, is that businesses are allowed a free choice of when to end an accounting year. So, for 2012/13 tax, accounting dates can vary between 6 April 2012 and 5 April 2013. The date that you choose may be dictated by commercial reasons, but also by external factors such as interest rate movements, inflation, changes in rates of tax and changes to the tax system. Generally speaking, using a date towards the end of the tax year leads to the simplest application of a current year basis of assessment, although this leaves very little time before tax is payable. Alternatively, businesses expecting an upward trend in profits may benefit from cashflow advantages if their accounting date is set on or shortly after the beginning of the tax year, although this also has its disadvantages including increased liability should the business cease less any applicable overlap relief. Do you need us to review your accounting date?
15 Comments
27/9/2013 03:41:23 am
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I am sure that the informative you shared through your post is useful for people. 9/7/2018 02:38:01 pm
Thanks for sharing this article. This is totally a big help. Hope to read more article like this from your site. 14/9/2018 01:30:35 am
I totally agree with what you said. I think that a business must prepare annual accounts which report on business performance and activities during the financial year. I think that it is important so that you'll be able to identify whether your business is doing good or not. Thanks for sharing this article. 10/6/2019 12:09:52 pm
The excellent informative post you have shared on this page about the review of your accounting date but if their accounting date is set on or shortly after the beginning of the tax year, although this also has its disadvantages including increased liability should the business cease less any applicable overlap relief. 31/7/2019 12:33:32 am
"Great article! I totally agree with what you said. I think that we must prepare annual accounts which report on business performance and activities during the financial year whatever business you are into. Thanks for sharing this article. 15/8/2019 10:23:04 am
I am running a business. I think that it is really important to prepare annual accounts. This article is definitely helpful for people like me who's a business owner. 14/10/2019 11:51:57 am
Great article. This will surely help me to do my business accounting well. This article is really helpful. Thanks for sharing this article. 13/12/2019 12:38:29 am
"Thanks for sharing this article. I also think that whatever your business sector you must prepare annual accounts which report on business performance and activities during the financial year. This article is very helpful for me. This is a very useful article for me. 14/4/2020 08:02:16 pm
if their accounting date is set on or shortly after the beginning of the tax year, although this also has its disadvantages including increased liability should the business cease less any applicable overlap relief. 16/8/2021 03:04:40 pm
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