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What year-end should I choose for my business?

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The most common year-ends chosen for self-employed business in the UK are 31 March and 5 April. Both of these year-ends are treated as the same by HMRC. These year-ends are chosen for simplicity to align the business’ accounting year with the UK tax-year, thus avoiding the complications that can arise when using other dates. Nonetheless an accountant will have no trouble using other year-ends which may be more convenient for you. For example if your business is seasonal a year-end that is out of season can be helpful, falling as it does when you are less busy. Other year-ends can also allow you to receive more advanced notice of your tax liabilities, so we use these for clients that prefer greater notice.

As always obtain professional advice if you need more in-depth advice with choosing or changing the year end for your business.