22 November 2019 Halesworth & Southwold Community News


Financial Focus On.. Changing your accounting date


FOR the self-employed or those in partnership, the choice of the annual accounting date can have profound effects. The effect of a differing annual accounting date could mean that two otherwise identical businesses with the same annual profits may end up with substantially different liabilities if their annual


accounting dates were a mere 25 days apart. If you consider that one business draws its accounts to April 5th, whilst the second takes April 30th as its year-end, these dates fall into different tax years with possibly differing tax rates, allowances, NIC charges and potentially legislation. Additionally, for


unincorporated businesses with an accounting


date


other than April 5th, you may also have something


called


“Overlap Profits” which is the result of opening year profits having been assessed to tax twice or, if the business has been going long enough, on the conversion to the current basis of taxation in 1996/97.


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Overlap Relief is a credit that is carried forward until either the business ceases or it changes its accounting date. Unfortunately, Overlap Relief is fixed and not index-linked to inflation and will therefore over time be reduced in value in real terms. Whilst a choice of April 30th annually for your accounts gives the greatest amount of time between earning the money and paying tax on it, there is a sting in the tail for when a business ceases. For any given tax year, you are broadly assessed on the profits for the accounting periods that end in that year. Therefore, if you draw your accounts to April 30th annually and then cease trading on March 31st there are two accounting periods that end in the same tax year giving potentially 23 months of profit falling to be taxed at the same time. Whilst upon cessation any Overlap Relief will be used up, this may be woefully insufficient to offset this problem. In the above example you


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could either look to continue to trade for another month (in order to finish in the subsequent tax year) or look to plan ahead in order to change your accounting date a couple of years before you actually do cease trading. Changing


the accounting


date can bring the Overlap Relief forward and is something that businesses should review every few years or so. It is particularly useful where the profits in the year of change are significantly different from the


usual level,


computations and permutations are complex, the principle simple


and the savings particularly


if there has been a sudden drop in your profitability. As HMRC need not know that a non-corporate business has changed its accounting date until the Tax Return(s) are submitted, provided that the business keeps its books and records up to date there should be abundant time to allow both the business and accountant to consider whether a change is advisable. There are of course factors why you may have the ideal accounting date for your business. For example, your business may be particularly seasonal and shifting the time when the accounts need to be prepared or a stocktake made to another part of the year may not be practical. Alternatively, you may wish to change your accounting date to align with other similar business interests. As usual, tax is not the only factor. Due to the very long- winded calculations involved it is impossible to give you concise, meaningful examples of the potential savings to be had. Suffice it to say that the


potentially immense. Whilst a change of accounting date is a perfectly normal thing to consider as far as HMRC is concerned (who even give guidance on how to do it on their website), you do still need to ensure that the correct procedures are followed as Rupert Grint (Ron Weasley in Harry Potter) found to his cost when his change of accounting date was rejected by HMRC at a cost of over £1m. For further information on


any of the above points or to discuss your affairs generally, please contact Robin Beadle at Ensors Chartered Accountants, Saxmundham, on 01728 603005. This article seeks to address


REYDON CHRISTMAS LIGHTS


SINCE we last reported we have had a number of successful fundraising events to help us get to this year’s target. We are very grateful to The Randolph for donating half of the funds raised from their very successful Family Fun Day on August Bank Holiday Monday. We received £750 to add to the pot which is a considerable sum so thank you! There has been another wonderful Scarecrow Trail which has added £1690 to the pot as well as a Family Bingo Night which raised another £600. Our final events of the year


are another Family Christmas Bingo Night on Friday 29th November and our Christmas Coffee Morning which follows on Saturday 30th November both at the Village Hall. Come along and join the fun, wear your Christmas Jumpers and Santa Hats and enjoy the events.


Switch on will take place


on Saturday 7th December at Reydon Corner at 6pm. We should be having a performance from the children in the choir from Reydon Primary School as well as a special guest appearance from the man himself! So come on down and join in the fun. Many people aren’t aware of


the extent of our fundraising for the village and hence we’d like to take this opportunity to say a


huge thank you and share with you where your much needed and appreciated donations go and indeed how much we need to raise each year to keep Reydon Christmas Lights illuminated. We provide the Christmas trees and lights at Reydon Corner, the


general business and financial issues and due care has been taken in its preparation. Ensors cannot accept responsibility for loss incurred by any person, company or entity as a result of acting, or failing to act, on any material in this publication. Specialist advice should


always be sought in relation to your particular circumstances.


Village Hall,


Boydens, Barbrooks and The Randolph Hotel and also along the Halesworth Road/ The Drive and the lights for the Cherry Blossom tree on the Wangford Road. Our annual expenditure


covers a diverse variety of items from village hall hire; insurances and legal licenses; electrical costs for the checking of the lamps and strings; erecting and dismantling of village displays; purchase of Christmas Trees; preparation, erection and dismantling of the crib, trees and decorative back drops; call out cover; the Royal British Legion Band and a contact with Father Christmas via the local Fire Brigade! Last


year our costs were


approximately £7500 with the faces of the young children, families and importance to the local community – priceless! Thank you again for your continued support and we hope to see you at our fundraising events and of course at the Switch On at 6pm on Saturday 7th December.


0174232


906914 402126


708008 699358


905846


412555


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