Hi. this is a question from kaplan text:
new trade commences: 1 jun 2011. year end is 30 apr.
profits are:
to 30 apr 12 - 11,000
to 30 apr 13 - 18,000
to 30 apr 14 - 22,000
up till year 3, ie for tax years 11/12, 12/13, 13/14, my calculations are correct.
i am unable to understand year 4: 14/15
this is what i am doing:
is there a period end in this year? the answer is YES. it is 30 apr 14.
is this period =12, <12 or >12 months? the answer is =12 months
therefore, the basis of assessment is CYB
basis period: 1 may 14 - 30 apr 15
but we dont have data to 30 apr 15.
the answer for year 4 is 22,000 cyb.
and in my workings, i do get till the cyb portion...
can u pls explain where i am going wrong?
thank u
Ask the Tutor ACCA TX-UK
basis of assessment question
In the 14/15 tax year the CYB basis period is the year ended 30 April 2014 NOT 2015!!!
oh.... yes... thank u
Sign in to reply to this topic.
