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For each tax year, a basis period must be identified. Tax is charged on the profits of the basis period. The basis period will differ depending upon whether the business is: - a continuing business; -...
A continuing business is one which has been in existence for more than 3 tax years and which has not been the subject of a change of accounting date during the current tax year. For each such...
If you’re self-employed, whether you’re running a full-time business or just doing some freelance work on the side, now is the time to think about changing your accounting year. Why?
There is often an argument for extending your current accounting period purely for tax reasons. If you are a sole trader or partner this can give you the opportunity to use a valuable tax relief. What...