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Taxable tax year

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Taxable tax year

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • July 28, 2016 at 4:24 pm #330011
    srijana12
    Member
    • Topics: 24
    • Replies: 22
    • ☆

    Dear Tutor,

    In which tax year the Income needs to be taxed when :

    the income period is 1 March 2016 – 31 March 2016

    And the Payment date is 31 May 2016

    What I know is earlier of

    -entitlement date
    -actual date of receipt

    Please help me to figure it out.

    Thanks

    July 29, 2016 at 12:06 pm #330132
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    What you “know” is correct!
    The “income period” you quote is meaningless in isolation! We clearly know the date of receipt but need to know when the taxpayer became entitled. Are we dealing with salary payments due or are we dealing with a bonus payment as although you have not said it in your question we must be dealing with employment income!
    What is the full wording of the question and where did it come from?

  • Author
    Posts
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