Please note: The lecture contains incorrect years in the answer to example 5, which has been amended and is now correct in our notes.
Chapter 7 – Tax Adjusted Trading Losses – Individuals – ACCA Taxation (TX-UK) lectures
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Hello, I think Fiona started trading in July 2020 (as per example 5) so her 1st tax year is actually 20/21 and not 21/22, as in the answer, also there is no income in the tax year 23/24 I recon, she received profit for the financial year ended 30 June 2022 (no other data in the question), which is tax year 22/23 and not 23/24.
Could you please clarify the dates in example 5 when performing the working 1 as my tax years differ?
there is an error, and it has been corrected now in the lecture notes
Looking at the answer to example 5. Apparently, the 23/24 year assessment was left by mistake, right? This can be confusing as we do not have any information about that tax year.