I run my accounts April to April, however the first year as I started in June was run from from then.
My accounts will be up-to-date (April - Sep 2015) by the end of this weekend as I am currently in the process of doing August and September.
Thanks.Do you mean to 5 April? What date did you start the business?
Yes, the tax year.
Ok, thanks for your help.
Hi.If you cease as a sole-trader during the current tax year, you will need to draw up your final accounts from the start date of the current accounting period which would appear to be 6 April 2015 to the date of cessation. Those accounts should include all your business income and expenses to the date of cessation.
If you have a balance in your sole trader account, some or all of which you wish to transfer to the new limited company account, then you can do that and it won't be taxed as income of the company because it will have been accounted for and taxed through the sole trader business final accounts which you will disclose to HMRC in your 2015/16 tax return. As far as the company is concerned, the cash injection will be treated as capital introduced or as a loan to the company which you can withdraw with no tax implications as and when you see fit.