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basis of assessment question

Mmansoor11y ago
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
TTTax Tutor11y ago#1
In the 14/15 tax year the CYB basis period is the year ended 30 April 2014 NOT 2015!!!
Mmansoor11y ago#2
oh.... yes... thank u
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