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Calculating the assessable profit for the 2nd tax year involves some techniques that re yet o be grasped. Can someone help pls.
I think the best way to understand basis periods is to watch the Open Tuition video lectures, it’s under chapter 6 here https://opentuition.com/acca/f6/free-online-lectures-for-paper-f6-uk-taxation/
im really having problems with change of accounting date..individuals basis period: and it not in the free lectures.
Please see this post for help on change of accounting date
The first accounting period is the date of commencement to the 5 of April?
If the 2nd accounting period is lest than 12 months use the first 12 months profit in the tax year.the video lecture for “F6 Chapter 6 Trading Income Basis Period Example 1” is not clear, that is, the audio. can someone help me please i am finding it very hard to understand the basis and was relying on this video lecture for some clarification.
Page41 – Chapter 6 – Example 1
Current year basis
The tax year runs from 6th April to 5th April
a) Y/e 31 March 2009 is assessed in the tax year 2008/09
(Because 31 March 2009 lies between 6th April 2008 – 5th April 2009)b) Y/e 31 August 2009 is assessed in the tax year 2009/10
(Because 31 August 2009 lies between 6th April 2009 – 5th April 2010)c) Y/e 30 April 2009 is assessed in the tax year 2009/10
(Because 30 April 2009 lies between 6th April 2009 – 5th April 2010)Hope this helps!
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