Did you know the date of your accounting year-end is entirely up to YOU! Yes its true, you as a Business Owner have that choice yourself! However, it’s not as simple as picking a quiet spell and going with it. There are many factors to consider…
Did you know…
The date you chose will affect when you pay tax on your profits?
You can lengthen your company’s financial year once every 5 years?
By choosing a new date which coincides with a quiet sales period can delay the payment of tax?
The later date you choose, the shorter timescale you have to pay your tax bill – meaning a greater risk of late payments and incurring a fine.
So now you know! Your year-end date is not set in stone, but there are important factors to consider (and those above are just a few!)
So tell me, have you ever seriously considered when the best time would be for YOU?
If you are considering altering this date, before finalising this please speak to one of our team who will be happy to guide you through the pro’s and con’s of this.
Just drop us a line or ping an email through… remember we are here to help YOU!
Have a great weekend