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Basis periods in opening years continued – ACCA Taxation (TX-UK) Exam FA2019

VIVA Subject Guide
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2 Comments

  1. silviab
    Thank you very much for your time and dedication in preparing the lectures.

    Sorry, I think I have a silly question. I understand all the calculation but I am confused in the practical side of the basis of assessment. For example: If I commence trading on 1st January 2020 and have a long opening period to 30th April 2021, it means that my first tax year is 2019/2020 (1st January 2020 to 5 April 2020) and I should submit my SATR on 31st January 2021. How could I know how much to pay if the first set of accounts is prepared to 30th April 2021??

    Many thanks
  2. NIHAL
    Based on the actual profit for the first 3 months and the for the next 12 months as in actual basis.

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