Best year end date for tax simplication

Options
hushbaby
hushbaby Registered Posts: 21 New contributor 🐸
in Tax
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

Comments

  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
    Options
    31st March year end will give you the simplest tax calculation.

    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.

Categories

Privacy Policy