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Hi,
In the lecture above around the 7 minute mark, the lecturer says that accounts will be made from 1.1.17 to 31.03.2018. The 16/17 tax year will asses only 1.1.17 – 5.4.17 i.e 3 months of the 15 months of trading which was 3/15 * 45,000 = 9,000. So 9,000 is assessed under the first tax year. My question is if accounts are filed in January 2018 for the 16/17 tax year, how would it be possible to know the figure of £45,000 to the period 31.3.2018? Hope i made sense.
Thank you.
I think the profit figure is determined by when the accounts are filed. So if the accounts where filed in January 2018, then the profit figure that will be used will be the profit as at the date of filing. The $45,000 represents profit for year ending 31.03.2018. But if it was the same profit as at 31.01.2018 then 16/17 tax year will 3/13 * 45,000.
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