does it matter when I start my business, for calculating the financial year?
I want to start business now (week of March 9th) so how will this affect my financial year and the period I need to declare tax for? Is it okay to start my business anytime I want without their being complications? Thanks in advance
Yes, you can start whenever you like. When you do your taxes at the end of the year, you will fill out a schedule C income and expenses unless you are starting a bigger business. In this case, you will be paying taxes quarterly. Be sure to get with an accountant and tax advisor if it is a bigger business. Good luck in your venture.
You can set whatever fiscal year you want. Normally a business using a fiscal year will set it on the month where inventories are the lowest or the month after the busy season ends.