Change your accounting date
Introduction
If you are self-employed, in a partnership, a limited liability partnership (LLP) or a director of a limited company, your business must keep accounts or financial records. These must be made up at least once a year to a regular date called the 'accounting reference date'. The information is used by HM Revenue & Customs to work out your tax. Limited companies and LLPs must also file their accounts with Companies House each year.
You may wish to change the accounting date:
- to bring your financial reporting into line with the tax year to simplify tax calculations
- to bring your financial reporting into line with other businesses in your group
- to bring it in line with commercial or seasonal factors relating to your trade
- to give you more time in which to prepare your accounts
This guide explains how your first accounting reference date is set. It also tells you how you can change your accounting date and the implications of doing so.
Subjects covered in this guide
- Introduction
- Accounts and accounting periods for limited companies and limited liability partnerships
- Change a company or limited liability partnership's accounting reference date
- Accounts and accounting periods for sole traders and partners
- Change the accounting period for sole traders and partnerships
