Self Assesment, when is it up to?

jefflemon

Hi,

Im new to being self employed and its almost time for my first tax return.

I became self employed 1st Feb 2009, my question is, up to what date do my accounts need to be accounted for, until the 5th April 2009? Is that all I need to return tax for this year? Or can I go further into the year, say til september?

Thanks

Rolo_Tomasi

Your Tax Return has to include details of your income from 01/02/09 to 05/04/09 and therefore the most straightforward way is to prepare accounts for this period and then annually to 5th April.

This may not be the most tax efficient way - you can actually prepare accounts to whichever date you want to and adjust the results for each tax year. Its impossible to say which date is best for you as it depends on your trade over the year. If you want this level of advice you need to have your accounts drawn up by an accountant.