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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4339
Experience:  FCCA FCMA CGMA ACIS
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I an Indian citizen & resident. I had setup an IT

Customer Question

Hi,
I an Indian citizen & resident. I had setup an IT services company in UK in Dec'14. I am registered for VAT as well. Currently the accounting period ends on 31st Dec. I want to change the accounting period end date to 31st Mar. From next year on so that it remains between 1st Apr to 31st Mar and coincides with my other companies in India & US. Company actually started trading in Apr 15. There are just 2 invoices we raise each month and a vendor raises a invoice on us each month. Our revenue is just 100000 PoundsWhat is the process to change the accounting period ?Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Changing your account period can be undertaken, but can be a bit of a palaver. You must proceed carefully and exactly to get things correct. Fortunately the trading activities of the company are relatively simple so the change should not prove too onerous.
Gov UK advise:
'You can change your company’s year end (also known as its ‘accounting reference date’) to make your company’s financial year run for more or less than 12 months.
Changing your company’s year end will also change your deadline for filing accounts.'
This is fully covered here:
https://www.gov.uk/change-your-companys-year-end
The accounting and tax filing treatment are covered elsewhere in Gov UK advice sites. In essence:
'If your accounts cover more than 12 months
You must file 2 returns because your accounting period can’t be longer than 12 months.
If your accounts cover less than 12 months
Your accounting period normally ends on the same day, so will also be shorter than 12 months.
Log in to HMRC’s online service and follow the instructions to enter new dates for your accounting period before you prepare your Company Tax Return.
If you use accounting software to file your Company Tax Return, enter the new dates for your accounting period before you file your return.'
Full details can be found here:
https://www.gov.uk/corporation-tax-accounting-period
I do hope that I have been able to point you in the right direction to achieve your ends.