Taxation question

Omallep2

Hi. I know this years accounts are just done and that I should have asked the accountant this question: but what is the start of the taxation year - is it nov 1st or Jan 1st?
Thanks

alps

The start if the taxation year is unique to everyone, but most farmers work from the 1st of Jan. You should ask your accountant again, or you should be able to find it on a copy of last year's accounts..

Green farmer

tax year is 1st jan to 31st dec and have until November the following year to submit the returns.

whelan2

My tax year ends on 30th september , so not everyone works off 31st of December

Buford T. Justice XIX

whelan2 wrote: »

My tax year ends on 30th september , so not everyone works off 31st of December

I think there was a change in the last few years or so that all new businesses would have a 31st Dec end of tax year.

Mine used be 31st March but I did 21 months accounts a while back to bring it in line with most of the others and bring my accounts more up to date.

duffysfarm

The tax year is now on a calendar year basis. For rental income and paye income it will be for the 12 months eneded 31 December. If you are self employed, your year end can have any year end that you chose. Prior to the tax year been on a calendar year basis it ended in April and the majority of people had year end accounts to 31 March. Now that it has changed to a calendar year basis people have also changed to a December year end.
if the tax year is 2015 (this is the return which is due 31/10/2016 or extended on ros to 10/11/2016) then your set of accounts that ends in 2015 will be taxed in this year.