3: Business income tax

Question 1

3 Conditions for change of accounting date

Answer 1

Within the first 3 years of a business will be fine

In other cases, the following 3 conditions must be met:

1. Notify HMRC by 31 January following the end of the tax year of the change
2. The period of an account resulting from the change must not exceed 18 months
3. Not allowed if changed in the last 5 years unless genuine commercial grounds