22 month accounting period

[jedimistress]

For purposes of opening years Tax Returns and getting in line with current year basis, is it possible to have an opening 22 month accounting period? Or is that too long?

Business began in June 2004 and I want to do accounts to end February 2006. It leaves 10 months of overlap. I'm just wonmdering if there is a limit to an accounting period of say 18 months?

[gammaray]

Are you self employed or running a Limited company? Check out the Inland revenue web site - lots of info on accounting periods there.

[jedimistress]

Sole trader. I don't like the IR website as it is like a minefield. Was just taking the lazy route asking here.

[dennis m]

You can go up to 23 months for your 1st accounting period but for revenue purposes they will split this up as follows:- Your start date to the following 5/4, 6/4 to the 5/4 for the next year, your actual year end in year three. This will mean that there will be overlapping of your profits (or losses) and you will get this back when you cease trading. I chose 31/3 as my year end because as there would be no overlapping.