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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; -...
Sole traders and partnershipsChanging the accounting date for a business run by a sole trader or partnership can significantly affect when profits and losses are taxed. Tax bills can be deferred...
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...