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Post Info TOPIC: Advice on start date and choosing the right year end date
jazzyjeff


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Advice on start date and choosing the right year end date
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Hi guys, im back again with another question...

I am waiting for my ICB Practice Certificate to come through...If i were to start trading on 1st Feb 2011 would i need to complete a Tax Return for 5th April 2011...(only 2 months of trading,if any at all), would i have overlap profits?? and what would i make my year end...30th Jan 2012...or would my 2nd year start from 6th April 2011 to ...  Really cant get my head around this at all yet probably soo simple

Any Advice greatly appreciated

Jazzyjeff

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HendyPhilhendy


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PArtly depends on whether you are going to set up as a Limited Company.

If you are a Sole Trader I personally would keep it simple and prepare accounts to 31 March 2011 and then annually thereafter. Saves messing about with overlap profits etc. You will have to do a tax return to 5th April 2011 in any case.

Also if you have been previously employed you may well be able get a small tax refund if you have only incurred expenses and made a loss in that first short period.

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jazzyjeff


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Ok that sounds less confusing...i will be setting up as a sole trader.  So if i started trading on 1st feb 2011 i would prepare accounts for 31st march 2011...and then my year would be from 1st april 2011 till 31st march 2012 is that right or am i being really stupid :)

Jazzyjeff



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gbm


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Jazzyjeff, spot on.

The income for the period from 1.2.11 to 31.3.11 will be declared on your 2011 tax return, and the tax will be due by 31.1.12.

You have 3 months to notify HMRC that you are self employed:

http://www.hmrc.gov.uk/selfemployed/iwtregister-as-self-employed.htm

HTH

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jazzyjeff


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ahh thankyou...maybe i am not so stupid after all...takes a bit of getting used to all these dates! i am doing the ICB level 3 S A Tax return and i must say that is a little confusing too

Jazzyjeff

Thankyou for your rply

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