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Post Info TOPIC: 1st client year end dates
jacky S


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1st client year end dates
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Hi,

I have been asked to do my brothers books as hes starting a part time business buying and selling on the internet alongside his full time employed job.  I am aware that he needs inform HMRC that he is also becoming self employed and register for class 2 nat insurance (although may be exempt if earnings are below threshold) and open a separate business bank account.  There are no insurances, licences, planning permission needed.  Can anyone think of anything I may have overlooked that he needs to do?

Also If I start now, in order to keep his self assesment simple, is it acceptable to complete the year end at 31st march even though he will obviously have only been trading for a couple of months?

Thanks

Jacky

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RobH


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Hi Jacky,

I think it wise to go to 31st March (or 5th April) as it means you do not need to worry about opening year rules, overlap profit etc.

Rob

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Rob
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jacky S


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Thanks Rob. I guess I just wanted someone to confirm this was a good idea.

Jacky

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Quentin Pain


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Only other thing is he needs to register with HMRC within 3 months of starting.

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Quentin Pain

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