M
Hi
No! thanks for your advise, but lets me get this straight, if I could afford the accountant/tax advisor, I won’t be on the forum or internet trying to work things out myself with others help. There are people out there trying to do business legally and still there not making it. You might have heard about the saying being “time rich and cash poor” so if you cannot help, please leave others the opportunity to do so if they wish to.
Most of the relevant information about Tax is written in “administration/accountant language” don’t ask me why? That’s my personal opinion.
Basically, it is your choice whether you do accounts to 31/12/09 or 30/06/10.
The simpler option is 31/12/09, but you then have to get your return in by 31/10/10.
If you go for 30/06/10 you won't have to get 09 and 10 returns in till the following year. You would return 6/12 of the first year's profits in the 2009 return, and the full year's profits ( year ended 30/06/10) in the 2010 return.
There are other complications after that, but if you go that route, come back next year and ask again...
Even if OP chooses 31/12/09 as his y/e, his first tax return (2009) isn't due in until 31/10/2011 as you get an extra 12 months grace for first tax return. His tax return for 2010 would also have to be filed on this date.
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