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basis of assessment question

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › basis of assessment question

  • This topic has 2 replies, 2 voices, and was last updated 10 years ago by mansoor.
Viewing 3 posts - 1 through 3 (of 3 total)
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  • April 5, 2015 at 7:32 am #240160
    mansoor
    Participant
    • Topics: 424
    • Replies: 542
    • ☆☆☆☆

    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

    April 6, 2015 at 8:05 pm #240332
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    In the 14/15 tax year the CYB basis period is the year ended 30 April 2014 NOT 2015!!!

    April 6, 2015 at 10:28 pm #240347
    mansoor
    Participant
    • Topics: 424
    • Replies: 542
    • ☆☆☆☆

    oh…. yes… thank u

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