Making a decision on when an accounting period should end may have significant consequences for businesses.
A business start up may choose for example the end of the tax year, or any other period shorter or longer than 12 months, but subject to limitations imposed by HMRC and generally once a business has changed the accounting date a five year period needs to pass before the choice is available again without conditions imposed by HMRC.
The significant consequences that may occur could affect cashflow and tax basis periods and benefit the business.
Maintaining regular contact with our clients and making arrangements for the business records to be kept up to date ensures such opportunities are not overlooked.
Barry J Nudds Accountants
modern approach - traditional values
telephone 01284 625933 or 07847 004490
56, Hepworth Avenue, Bury St Edmunds, Suffolk, IP33 3XS