Hi Sir,
Im just trying to get my head around basis periods, I feel i do understand it but when i go over examples 2, 3 and 4 again from chapter 6 i seem to get confused with overlap profits or how to deal with the second years. I will go through more questions from my KAPLAN text book however I was wondering is this only likely to be an objective question, is it a topic just to gain an understanding or could it be worth a lot of marks in the exam?
Thanks
Basis Period
It is impossible to say whether a specific topic would only appear in a section A question or whether it might appear in section C but the rules for opening and closing years of assessment are core and need to be learned - go back to the lectures to see how the basic rules listed are applied - bottom line you need to learn the rules and practice them!
Thanks for your reply, I understand it now, i just spent more time on it as i didnt want any gaps in my knowledge going forwards. Plus im now mid way through Trade losses and it has helped :). I hope my question didnt sound negative as I didnt mean to sound negative
No problem - really pleased you managed to sort it out for yourself! Keep up the good work!!