If you are self-employed and your accounting date is not 31 March or 5 April, i.e. in line with the tax year, then you could have overlap profits. Overlap profits are best illustrated through an example, so let us use a business which commences on 1 July 2016 and prepares its first set of accounts … Continue reading Business Cessation or Change of Accounting Date? Don’t Forget Overlap Relief
This is often a question that many organisations are faced with before trading can commence, however it is not a decision that needs to be permanent throughout the life of a business. Without much thought, many will simply choose their accounting year end date as the end of their first 12 months of trading. Whilst … Continue reading How do you choose your accounting year end?