My client wants to shorten his accounting period mainly so he can have his accounts produced quicker so he can apply for a mortgage. Profit is healthy at around £300k. His current tax year is 1st Mar to 28th Feb and he wants to shorten it to 31st Dec. Can I shorten it for both CH and HMRC and does he therefore only pay tax on the profit from 1st Mar to 31st Dec? Does that also mean that the his tax year going forward therefore becomes 1st Jan to 31st Dec? Is this an automatic change?
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You are advising clients and you don't know the answer to this? I hope your PII cover is good.
Your 'client', eh? This is first or second year student's stuff that you apparently don't know. Hire a real accountant. There are a lot of things to consider when thinking about such a step.