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Commentary

18.7 Choice of accounting date

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

18.7 Choice of accounting date

| Commentary

18.6 Payment of the tax

As mentioned above1, the trade profits of an individual are likely to be but one element in his or her income tax liability for the tax year in question. The taxpayer has the onus of filling in a tax return and must file it by the prescribed date if he is to avoid penalties.

There is no statutory obligation to file a tax return unless a notice has been issued by HM Revenue and Customs2. The notice, however, is normally incorporated within the tax return which HMRC send out to anyone who is known to require it, including anyone who is self-employed. These tax returns are usually sent out on the day after the end of the relevant tax year, that is for the tax year

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