Hi everybody I am an AAT student and would like to know if what I have understood is right regarding accounting year end dates
For example if a self employed soletrader started trading on 12th September 2013 can he make his first accounts from 12th september 2013 to 5th april 2014 and then from then each and every year make his accounts from 6th april to 5th april and by that he do not have to pay any overlapping profits, and overlapping profit only exists for sole traders and not for limited companies right?
Am I correct?
Kind regards
Krishn
Replies (3)
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a relic from the introduction of taxation ?
I don't think so, taxation predates September 1752 by some margin
Although slightly off topic, there are no overlap profits for a property rental business with an accounting date not being 5 April.