Best year end date for tax simplication
Hi everyone
I'm a full member though I did my tax exams a while back.
Just wondering, because I incorporated a company in mid December 2007 and haven't started trading yet (though I've incurred costs) and maybe I'll start trading in 2 or 3 months. What would be the best year end date to make my tax calculation as simple as possible?
Also please advice on how tax is assessed in the first year or 2 of trading. Any advice will be greatly apreciated.
Thanks
I'm a full member though I did my tax exams a while back.
Just wondering, because I incorporated a company in mid December 2007 and haven't started trading yet (though I've incurred costs) and maybe I'll start trading in 2 or 3 months. What would be the best year end date to make my tax calculation as simple as possible?
Also please advice on how tax is assessed in the first year or 2 of trading. Any advice will be greatly apreciated.
Thanks
0
Comments
If you shorten the first period to 31st March, rather than extend, that will also make the calculation simpler.
There are other things to consider when deciding on a year end but if simplicity is your thing then 31st March is good.