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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 Royal Arsenal area is choosing the best date for your year end. Simpson Wreford LLP 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 Royal Arsenal area and would like help with choosing your year end, contact Simpson Wreford LLP.
28 May 2025
The International Monetary Fund (IMF) has revised its growth forecast for the UK economy and now anticipates growth of 1.2% this year.
27 May 2025
Think tank the Resolution Foundation has stated that the Household Support Fund needs renewing and reforming to ensure it continues to help families through the cost-of-living squeeze.
23 May 2025
Experts have warned that recent higher than anticipated government borrowing figures have increased the prospect of Chancellor Rachel Reeves raising taxes at the next Budget.
22 May 2025
Chancellor Rachel Reeves has confirmed that the annual tax-free ISA allowance won't be reduced from £20,000.
21 May 2025
Inflation jumped to 3.5% in the year to April, up from 2.6% in March, according to the Office for National Statistics (ONS).
20 May 2025
Almost half of UK sole traders feel unprepared for upcoming Making Tax Digital for Income Tax (MTD) for Income Tax changes, according to research conducted by IRIS Software.
19 May 2025
A survey carried out by the Financial Conduct Authority (FCA) has found that one in ten individuals have no cash savings at all.
16 May 2025
Parents of 16 to 19-year-olds will receive reminders from HMRC to extend their Child Benefit claim by 31 August if their child is staying in education or training or payments will automatically stop.
Get in touch with us today for a free consultation.