Self Employed - Year End

essex girl
essex girl Registered Posts: 7 Regular contributor ⭐ ? ⭐
Hi,

Can someone give me advice on a year end date as I don't normally deal with self employed people.

Self employed plumber started his business 6th October 2007. He was previously employed from April - October 2007. He recieved a tax return earlier this year for 2007/08. Obviously 6 months earnings will be declared from his P60 and 6 months self employment. For ease - can he change his first year end to April 2008 so that I can calculate his self employed earning for half a year (Oct 07 -April 2008) and then when he gets his tax return for 2008/09 just do one full year of self employment. (April - March)

Can I do this and what, if any, are the drawbacks?

Thanks.

Comments

  • DaveP
    DaveP Registered Posts: 79 ? ? ?
    You can indeed do that and it is probably the simplest option.

    Only drawback really is that tax is paid on profits a little earlier than other financial year ends but this is no bad thing in my book - particularly for CIS/cash based businesses.
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