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Quick question

  • 07-06-2012 8:22am
    #1
    LisaPol
    Registered Users, Registered Users 2 Posts: 37 ✭


    Should accounts be by the tax year or working year? Started work July 09, so should they be July to July or Jan to Dec? Hoping to go for mortgage with other half and trying to work few things out.


Comments

  • #2
    Clauric
    Registered Users, Registered Users 2 Posts: 610 ✭✭✭Clauric


    First year's accounts should be from when the company was set up (June/July) through to December 31st. This will not be a full year's accounts, obviously, but it is best to keep your accounts in line with the tax year. This makes things easier in the long run.

    The next year's accounts should be January 1st through December 31st. This will be a full year's accounts.

    If the bank wants a full year's trading accounts, then you can draw the details from the other set of accounts.


  • #3
    J.Ryan
    Registered Users, Registered Users 2 Posts: 474 ✭✭J.Ryan


    LisaPol wrote: »
    Should accounts be by the tax year or working year? Started work July 09, so should they be July to July or Jan to Dec? Hoping to go for mortgage with other half and trying to work few things out.

    Does not really matter, many businesses choose 31 December to be in line with the tax year, once you pick a year end, you should stick with it.

    Decide on the year end that suits you, however I have to ask, you commenced being self employed in July '09 and don't have accounts prepared, how did you submit your tax return?, I'm sure the Bank will ask for confirmation that all your taxes are up to date before approving a mortage.


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