Hello Everyone - first post here and its a cheeky request for help/advice.
I am just doing all the work to set up my practice and trying to decide the best start date for the business as far a tax/self assessment is concerned. If I start from 1st March; can I run a 13 month accounting period until 5th April 2015? If I leave things and start on 1st (or 6th April 2014) do I miss out on the ability to include the set up expenses I have incurred so far (i.e. in the tax year 2013-14) when it comes to completing my self-assessment return for the next tax year (2014-15).
I have been going through the HMRC website studying the various information / helpsheets but nothing has really struck me as to answering this specific question.
All expenses incurred in setting up the business are treated as though purchased on the first day of business so you will not lose anything by starting on the 1st.
Everything after the 30th of March is treated as though you started in the next tax year but just to be safe 6th of April isn't a bad day to start trading.
Running a 13th month accounting period you are still going to end up with possible double taxation as your business periods are out of line with the basis periods.
What services are you looking to offer?
Do you have your MLR in place (either through your professional body or HMRC).
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I have my ICB Level 3 qualifications in place (MICB CB.Dip) and my Practice Licence set up so that will cover me for the MLR. I am looking to offer the standard bookkeeping services at the moment as allowed by the ICB. When things are up and running I'l look to expand my business by getting either the Payroll, Tax advice or Legal qualifications; but lets not run before I can walk.
