Self employment

Self employment

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I started in business as on my own back in September 2007. Do I need to prepare accounts to 5 April 2008 or can I prepare them annually?

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Samantha Young

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By dpickin0848
16th May 2008 00:08

Self employment
Hello Samantha,

Either is the answer. It is up to you. One of the advantages in drafting them to 5th April 08 is that it puts you in line with the tax year and makes life much easier.

I am a qualified accountant who focuses on the self-employed and small limited companies. I'd be very happy to offer you some free advice on your accounting needs and obligations. Please feel free to contact me on [email protected] if this would be of interest to you.

Regards.

David.

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By Martin B
16th May 2008 13:23

31 March 2008
I would suggest you prepare your first accounts to 31 March 2008 or 5 April 2008 and annually thereafter.

Your accounts fall in the 2007/08 tax year and you will pay tax on profits, by 31/1/2009. Paymnet on account for next years tax (if applicable) will also start and payable by 31/1/09 and 31/7/09. So big paymnet due by 31/1/2009.

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