Be tax efficient when deciding a year end date.
One of the things to consider when starting a business in the Devon and Cornwall area is choosing the best date for your year end. Potter Baker 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 Devon and Cornwall area and would like help with choosing your year end, contact Potter Baker.