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Be tax efficient when deciding a year end date.
One of the things to consider when starting a business in the Hatfield area is choosing the best date for your year end. Lovetts can advise you on this.
It is important to choose the right year end for your business.
To what extent is your business seasonal? Is there a time of year when it will be more convenient to close off your accounting records, ready for us, your accountants?
From a tax viewpoint, the choice of a year end early in the tax year for an unincorporated business often means that an increase in profits is more slowly reflected in an increased tax bill.
If you are a start-up business in the Hatfield area and would like help with choosing your year end, contact Lovetts.
HMRC has stated that more than three million taxpayers are yet to file their self assessment tax return despite the deadline looming.
HMRC has now published draft secondary legislation for the off-payroll working rules that are due to come into force in April this year.
Vengeful witches and pet hamsters feature in HMRC's list of imaginative excuses and expense claims, which has been published in the run up to the self assessment deadline.