Hi, would someone please tell me the differences/advantages of 31 Mar and 5 Apr as a year end. I can't decide which one to use. Most people seem to prefer 31 March but I don't know why.
HM Revenue & Customs allows year ends of 31 March to be treated as though they were prepared to 5 April (see page seven of Helpsheet 222). I would imagine that 31 March is preferred as it's just easier to work to a month end, particularly if you need to get trial balances from bookkeeping software.
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Pearce & Co - Chartered Accountant and Chartered Tax Adviser
