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C starts trading on 1 Dec 2011…
1m to 31.12.11 £1000
Y/e 31.12.12 £18000
Y/e 31.12.13 £ 24000
Basis period
Tax yr 11/12 Actual period £ 5500
Tax yr 12/13 18000
Tax yr 13/14 24000
I am getting £17 500 for tax yr 12 /13 (1000+(11/12)*18000).kindly help!You are using the wrong basis of assessment in 12/13 – the answer shows the correct use of CYB (it would have helped if the answer had indicated the use of CYB) assessing the profits of the accounting YEAR ended in the current tax year – you are using the 1st 12 months which is only used where there is a SHORT accounting period ended in the 2nd tax year
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