New Financial Year

[kevyn]

Its me again with more questions!

Is it worth waiting until the new tax year to begin trading? I dont want to do a tax return for 3 weeks where I might not be working much.
Also as I am not officially trading yet when do I begin keeping the books? Do I begin on the first day of trading or begin now?
Any help much appreciated!!

 

[acat]

Hi Kevin you start trading when you advertise for work not when you actually work so for example if you have been advertsing for 6 months and got your first job today you have been trading for 6 months.

Legally you have 3 months to notify inland revenue after that they can fine you for not doing so and yes they do look at the local papers etc to see who is doing what and cross checking with their records.

Might be a good idea if you google business link and do that course "its free" and covers everything you need to know.

Hope that helps


Chris

 

[bugsy]

The financial tax year and your tax year need not correspond. , start trading when you like ,

 

[kevyn]

So basically I can start trading now and in one year from now my tax year would end? and I would have to put my return in then?