Carlisle Accountant warns about 5th April 2017

Mobile-friendly – Think twice about starting a new business just before 5th April 2017. If you have had any income for the tax year ended 5th April 2017 then you will need to file a tax return, which could be more bother than you need at the moment. At the extreme, if you earn £100 on April 5th and that is your only income for the tax year, then you may need to pay an accountant more than this just to file the return, which is silly. You might prefer to wait until after April 6th before starting your new business. You don’t have to follow this advice, but be sure that you know what you are doing !

What you could be doing at the moment is selecting an accountant. February and March tend to be quiet months for accountants, and you could go and see more than one accountant to discuss your business and its requirements. In our case, we have a quotation calculator so we can give you a quote over the phone based upon your expected turnover and other business details.

If you want to invest in an Individual Savings Account, then you have until 5th April to make an investment in the current year’s ISA, after which the opportunity is lost. It has to be said that with interest rates being so low, this advice is unexciting. However, you could regard an ISA or two as part of your pension planning, where you can keep some liquidity now, put it in a pension fund later, and still have some tax sheltering throughout the time that you invest.

If you are running a company, then you might want to pay a dividend of at least £5,000 before 5th April. For our own clients, we prepare the paperwork on a spreadsheet system which is so easy to use that we don’t charge for it.

This website is mainly for the self-employed rather than companies, for whom we have a separate website. Its landing page may vary according to what is appropriate for the time of year. The previous landing page was a Warning about Deadlines. Some older search engines may take time to update their display.