new financial year

fengirl_2

The first rule of tax is never to do something just for tax reasons. You might want a full set of accounts for the purposes of getting a loan, or for children's tuition fees and if your accounts are only for part of a year, they wont be acceptable. Also, by cutting your year in half, you may be skewing your figures in that you may not have made a lot of profit in the first 6 mths, so pay little or no tax and not look like a good bet for the bank, but be hit by a big tax bill in the next tax year which will show 12 mths profit.