Changing Tax year end

[chelsea07]

Hi

I set up a new company in May of last year and had set 31 Dec 07, as the year end. For Corporation tax purposes, I am thinking of changing the year end to 31 May 07. I spoke to the revenue and they say I just need to send them a letter about the change. is there anything else I need to do ?

thanks

 

[Joe1234]

I am thinking of changing the year end to 31 May 07.

I presume you mean May 08. On a practical level, do you need to have a May year end? The reason I ask is because it is in the middle of a VAT period. In my opinion, whoever is preparing the accounts would have an easier time if the year end tied in with the end of a VAT period, ie 30 april or 30 June.

if the company was set up in May 07, your next annual return date with the CRO will be in november 08. You will need to have accounts prepared and filed with the companies office within 28 days of the ARD. This date can be extended if necessary. check with your accountant for more advice on this.

 

[chelsea07]

thanks, I didn't think of the VAT period, so it would be better to chose 30 April for the year end.

thanks for your advice.