12:08 27 March 2013
Depending on the type of business you run, your financial year end may not be conveniently situated for the 5th of April. The good news is that you have recourse to set up your financial year in a way which is more convenient, and ultimately more beneficial for your business.
Many business owners feel they are force into financial year ends that don’t correspond to the manner in which they do business. With these steps businesses have a lot of freedom and options to decide what type of financial year end makes the most sense for their type of business.
As with any significant changes, the proper departments must be contacted to affect the change, so enlist the assistance of Companies House and HM Revenue & Customs for any additional questions or concerns you may have about the process.
Planning ahead carefully will ensure that the transition is smooth and free of unpleasant surprises. Remember that once you change, it’s permanent for five years.
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