Running a business involves juggling a lot of dates and deadlines. One of the most important deadlines is your company\u2019s accounting period. <\/p>\n\n\n\n
Knowing when your financial year starts and ends is key to keeping everything in tip-top shape, meeting tax deadlines and preparing financial reports – fun! <\/p>\n\n\n\n
So, what\u2019s my company\u2019s accounting period, you ask? Let\u2019s dive into how to find it, and what to do if you need to change it.<\/p>\n\n\n\n
Before we get started, here are a few key terms you\u2019ll need to know:<\/p>\n\n\n\n
It helps you:<\/p>\n\n\n\n
Your accounting period is like your business\u2019s calendar, telling you exactly when you need to file your company tax return. Miss it and you might end up with hefty fines and penalties. And nobody wants that!<\/p>\n\n\n\n
Financial reports are the secret to understanding how your business is doing. They help you make informed decisions and impress potential investors. No more guessing if you\u2019re heading in the right direction!<\/p>\n\n\n\n
And then, there\u2019s planning your business activities. Knowing your financial year helps with budgeting, forecasting, and planning your business operations. Imagine trying to plan a party without knowing the date. Sounds like a mess, right? The same goes for your business. A clear accounting period helps you keep everything running smoothly. Remember, the financial year and the tax year are not the same<\/a>.<\/p>\n\n\n<\/div> \n\n Look no further! Our army of fully-vetted, professional accredited accountants is here for you. Book in a tax consultation with one of them to stay on the right track and optimise your business to make your life even easier.<\/p>\n You’re worth it!<\/p>\n<\/div>\n <\/div>\n\n \n \n Your company\u2019s accounting period dates can be found in a couple of places:<\/p>\n\n\n\n Now, we might not know where you stashed your incorporation documents. But, we can help you find your accounting dates on the Companies House website! Just follow these steps:<\/p>\n\n\n\n In the UK, a company’s financial year is typically 12 months long. But there are some exceptions.<\/p>\n\n\n\n When your company is newly incorporated, the first set of accounts will usually cover more than 12 months. Why? Because they start on the day your company was set up (or incorporated) and end on the \u2018accounting reference date\u2019 set by Companies House. This is the last day of the month your company was set up.<\/p>\n\n\n<\/div> \n\n Here\u2019s an example:<\/strong><\/p>\n <\/p>\n Let\u2019s imagine your company was set up on 12 April. Your accounting reference date would be 30 April the following year.<\/p>\n <\/p>\n Your first accounts would cover 12 months and a couple of weeks. After that, your accounts will usually cover your financial year from 1 May to 30 April.<\/p>\n\n <\/div>\n<\/div> \n\n So, you want to change your accounting period? This is pretty common when companies want to sync up with the financial year of a parent company, or maybe even optimise their tax payments and cash flow.<\/p>\n\n\n\n Well, we\u2019ve got some good news. You can change your accounting period. Here\u2019s how:<\/p>\n\n\n\n You can shorten your accounting period as many times as you like. If you want to extend it, you can only extend it to 18 months. And you can only change it once every 5 years.<\/p>\n\n\n\n You might be able to change it more often if:<\/p>\n\n\n\nWant help with the planning?<\/h2>\n\n \n \n
So, where can I find the accounting period date for my company? <\/h2>\n\n\n\n
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<\/li>\n\n\n\nHow long is my company\u2019s accounting period?<\/h2>\n\n\n\n
Can I change my company\u2019s accounting period? <\/h2>\n\n\n\n
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<\/li>\n\n\n\nAre there any exceptions?<\/h3>\n\n\n\n