Is Your Business Seasonal?

It may be in your interest to change your year end date if your business is seasonal.  

For instance, if you have a gardening company or business supplying marquees, your cashflow would be much better in the summer months than during the winter.  Corporation tax is payable 9 months and 1 day after your period end.  It would be preferable to have a year end of 31st October in these examples so that you don’t have to pay anything until 1st August when you would have more funds available.

Regardless of your year end date, it is always advisable to get your accounts prepared as soon as possible to ensure you know exactly how much tax you need to pay and plan to have these funds available.  Just because you have submitted your accounts promptly doesn’t mean you need to have to pay any sooner.

 

Please take a look at The Bourne Informer which contains lots of interesting handy hints and tips on managing your finances.  You can access this through the link on the Winchester Bourne website.

 

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