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Choosing a year end

Be tax efficient when deciding a year end date.

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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.

The latest news

17 Sep

OTS says changing date of tax year end would be beneficial

Adopting a tax year which is either aligned with the calendar year or with a calendar month-end would have clear benefits, according to a review from the Office of Tax Simplification (OTS).

16 Sep

FSB survey suggests unemployment to rise by 50,000 as result of NICs rise

A survey carried out by the Federation of Small Businesses (FSB) has suggested that the UK unemployment rate could rise by 50,000 as a result of the increase in national insurance contributions (NICs) for employers, sole traders and employees.

15 Sep

Inflation sees sharpest increase on record

Inflation rose to 3.2% last month from 2% in July ? its largest ever recorded increase, according to the Office for National Statistics (ONS).