What's the best time of year to register a business?

[carolandjessica]

Hi all,
I want to register as a business but wondered if there was a good or bad time of year to do it based on your experiences. With regard to the tax forms ( which I'm dreading ), would I save myself alot of hassle by just waiting for the new tax year in April. I'm sure there was a thread about this ages ago but can't find it now. I'd love to register now but happy to wait til April if that would be better. Can anyone throw some light on this please. Thank you.

[burgyeb]

Hi, not really sure how things work on your side the pond. But over here it does not really matter. We can elect "a calendar year" or "a fiscal year". The calendar year would run January thru December; and the taxes would be due in April of the following year.

Selecting fiscal year allows a bit more flexibility. So for example, if you chose your fiscal period to end in May (May 31, 2014). This would result in actually bypassing the upcoming tax year due date (April 15, 2014). So that tax year would run June 1, 2013 through May 31, 2014. The tax return due date in that case would be September 15, 2014. Over here anyway.

If business set up now, the report would just be for the few months involved, if calendar year used. Things are somewhat different here, so someone into business from your side the pond can clarify.

[carolandjessica]

That's interesting. Like you say, don't know if that can be done over here. Maybe someone on here would know the rules for doing that in the UK. Thanks for your reply.

[Cushtydeals]

Hi all,
I want to register as a business but wondered if there was a good or bad time of year to do it based on your experiences. With regard to the tax forms ( which I'm dreading ), would I save myself alot of hassle by just waiting for the new tax year in April. I'm sure there was a thread about this ages ago but can't find it now. I'd love to register now but happy to wait til April if that would be better. Can anyone throw some light on this please. Thank you.

Around May I would say.
Save filling in a tax form for say just a month if registered in December.
I think you used to have 3 months grace before registing

[purplestevie]

Around May I would say.
Save filling in a tax form for say just a month if registered in December.
I think you used to have 3 months grace before registing

I shall be sending my tax return in soon my runs from end of October to October because i send mine by post, if you do it online i think its January cant remember visit the inland revenue site for details. I started my business in the month of April, they sent me a tax return form through the post soon after.

[astral276]

I know nothing about it but a found bit of info:

http://www.startupdonut.co.uk/startu...nting-year-end

[lakeleilani]

The Business Link website is informative and easy to understand. So long as you keep up-to-date records and receipts of purchases, sales etc, the tax return isn't anything like as daunting as it used to be.

[purplestevie]

The Business Link website is informative and easy to understand. So long as you keep up-to-date records and receipts of purchases, sales etc, the tax return isn't anything like as daunting as it used to be.

This link maybe helpful


http://www.hmrc.gov.uk/sa/your-tax-return.htm

[cornishmaid1961]

Hi all,
I want to register as a business but wondered if there was a good or bad time of year to do it based on your experiences. With regard to the tax forms ( which I'm dreading ), would I save myself alot of hassle by just waiting for the new tax year in April. I'm sure there was a thread about this ages ago but can't find it now. I'd love to register now but happy to wait til April if that would be better. Can anyone throw some light on this please. Thank you.

Don't worry it's not as bad as you would think it's only a two page form these days instead of the huge booklet they used to send ! Just make sure you keep a record of what you paid for things and what you sell them for and make sure you keep any receipts of tax that you get from building societies or savings accounts etc for the financial year and you should be fine. They usually send out tax forms around June for the previous financial year which have to be completed on paper by the end of October or online by the end of January.

It doesn't matter when you register you would get a form next June which you fill in from time of registering until April 2014.

[somersethedge]

Don't worry it's not as bad as you would think it's only a two page form these days instead of the huge booklet they used to send

for the first two years you get the full form after that the tax office "might" decide to send you the short two page one.