Non-resident trade - UK PE - year end choice

Can a non-resident trader with a UK PE have any year end?

Didn't find your answer?

I thought I'd be able to find an easy answer to this, but a quick look through legislation and guidance does not offer any immediate answers. I am not asking the community to do the legwork for me, but I just wondered if anyone has encountered this before.

Our client is transient and has switched between being resident and non-resident for a few years. In the last tax year (18-19) he was non-resident and the expectation is for that to continue for the foreseeable future. However,  there remains a property in the UK that part of their self-employment trade is conducted through. The profits from this trade have been reported in the UK tax returns for some time with a year end of 31 March. When non-resident, we apportion the profits to the permeant establishment. 

He has new overseas advisors who is now taking on the principal accounting and bookkeeping. This jurisdiction has a year end of 31 December, so we believe it would be easier to amend the year end for our PE accounts to match this. However, we want to ensure this is not expressly prohibited under UK law. I cannot see that it is prohibited, but I'd be grateful for any advice. 

Finally, I assume that in the event it does not apply that the normal rules regarding basis periods and overlap profits will apply.

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.