Start before or after new tax year? Start before or after new tax year?
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  1. #1

    Nervous Newbie

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    Question Start before or after new tax year?

    Hello! I'm new here and have made the decision to leave permanent employment to do some contracting (IT sector).

    I'm quite keen to get the ball rolling as soon as I can, but wasn't sure if it would be better to wait until April? I don't want to complicate the finances unnecessarily by starting in the last week of March for example. But on the other hand, might there be more contracts available before the end of the financial year?

    This question is not about the changes to expenses/IR35, so could apply to any year, not just 2015/16. What do you see as the pros and cons of starting in February/March versus starting in April?

    Many thanks.

  2. #2

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    Start when you are ready. Don't bother worrying about tax periods and the like. You will be a paying a clever accountant to do all that for you.

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    Your company tax year will most likely be different to the personal tax year, start earning as soon as you can!
    “Live a good life. If there are gods and they are just, then they will not care how devout you have been, but will welcome you based on the virtues you have lived by. If there are gods, but unjust, then you should not want to worship them. If there are no gods, then you will be gone, but will have lived a noble life that will live on in the memories of your loved ones.”

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    Whilst a tax deferred is a tax saved, earnings deferred aren't! Get earning now. Your accountant will prepare a small return for the current financial year.

  5. #5

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    Many thanks PerfectStorm, SimonMac and northernladuk. I'll not worry about the dates in that case, I'll just get cracking as soon as I can.

  6. #6

    TPAFKAk2p2

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    Quote Originally Posted by Oldenburg View Post

    This question is not about the changes to expenses/IR35...
    Just to clarify, there are no changes to IR35 (nor expenses if you're operating outside IR35).

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