E
Eadaoin
Guest
Hi there, I had a look around online and on these forums for a definite answer to this question but was unable to find one, so perhaps someone here can clarify it for me.
My question is in relation to the end of the tax year for a sole trader, and when tax returns need to be filed.
If I start a business on 1st November 2012, does my first tax year end on 31st October 2013 (a full year after I start business) or does it end on 31st December 2012?
I understand that tax returns are due the October after your tax year ends, so if my tax year ends in Oct 2013 my first return will be due before Oct 2014 - but if my tax year ends in Dec 2012 then the first return is due before Oct 2013?
Sorry if this is simplistic, I just want to get everything straight in my head and know what im doing before I start anything!
My question is in relation to the end of the tax year for a sole trader, and when tax returns need to be filed.
If I start a business on 1st November 2012, does my first tax year end on 31st October 2013 (a full year after I start business) or does it end on 31st December 2012?
I understand that tax returns are due the October after your tax year ends, so if my tax year ends in Oct 2013 my first return will be due before Oct 2014 - but if my tax year ends in Dec 2012 then the first return is due before Oct 2013?
Sorry if this is simplistic, I just want to get everything straight in my head and know what im doing before I start anything!