financial year dates for start-up- could I ask your opinion?
Hi. My client has started up in business selling from a mobile coffee van. Her first day of trading (ie taking money) was June 1st 2009, but she incurred a lot of start up costs prior to that - first invoice dates back to April 1st 2009. I intend to create a director's loan account for these expenses, which will be credited when there is enough money in the account for her to recoup these costs. I am assuming when registering as self-employed with the revenue she states 1st June 2009, but when it comes to recording expenditure etc in the books I am a little confused as to when her financial year should start and end. My aim would be to go v simple and avoid overlap profits and for self-assessment purposes have year end as 5/4/10 but not sure what to do with the start of the year? Any advice? This is my first start-up for a while, hence confusion, my apologies.
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