A friend of yours (Peter) is about to start his own business and he has been chatting to you for advice about financial and taxation aspects of his new venture.

He has now asked you for some specific advice about which accounting date to choose when he is preparing his accounts. He understands there are a number of factors to consider from the view point of taxation.

REQUIRED:
Write a report that discusses all the implications arising from particular accounting dates. Factors such as overlap profits, time delay in paying the tax liability and tax planning need to be covered in your report.

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