Winding up a company, possible to extend the final financial year?

[BolshieBastard]

Given the market is carp, Im seriously considering winding up the limited co while I consider perm and any (I hope!) contracts opportunities that happen to come along. I cant speak to the accountants until tomorrow either.

However, the company end of year was the end of March. Is it possible to extend a financial year by a couple of months to make winding up tidier rather than doing a normal end of year then another set of accounts for virtually no period? There are a couple of payments made from the company bank account after the financial year end.

[ASB]

Yes, but you cannot do it retrospectively. Current guidance.
Guidance - Accounts and Accounting Reference dates (GBA3CA)

[Maslins]

If it's literally a handful of transactions which crept into the next accounting year I might be inclined to simply accrue them.

Alternatively changing a company's year end is very straight forward, just can't be done too often (not a problem unless you changed it recently). Only other trivial downside is that if you make the period longer than a year, for CT purposes it'll be split in two, meaning two corporation tax returns...but your accountant will likely deal with this for you.

[BolshieBastard]

If it's literally a handful of transactions which crept into the next accounting year I might be inclined to simply accrue them.

Alternatively changing a company's year end is very straight forward, just can't be done too often (not a problem unless you changed it recently). Only other trivial downside is that if you make the period longer than a year, for CT purposes it'll be split in two, meaning two corporation tax returns...but your accountant will likely deal with this for you.

Thanks all.

BTW, what do you mean 'accrue them' with regards to a limited co and the circumstances I mentioned?

[Jessica@WhiteFieldTax]

Concur with Maslins.

In this context "accrue" means just include the transactions in this year and be done with it. Maybe not strictly accurate date wise, but the right amino of tax is paid with minimal hassle.

As always, get personalised advise tho,

[Maslins]

what do you mean 'accrue them' with regards to a limited co and the circumstances I mentioned?

Just means put them in the P&L for the year to 31 March (with a corresponding accrual/prepayment/similar on the balance sheet), even if they actually happened slightly after. Your accountant will know what it means, it just means you can avoid having any trading activity post 1 April as you account for it all in the period before. Not strictly correct, but as long as all income/expenditure is declared, it's just a timing thing so HMRC won't be bothered.