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Sir
you said during doing this example that if we would do the assessment for this sole trader it would be a lot easier cause we would have CYB in tax year2 ,But 1st acc year ends in tax year 2? And if we use CYB in tax year 2 what happens to the 2 month profit of april and may of 1st accounting period as those 2 fall in year 2?Not sure you have understood what we mean by CYB from the start of this chapter?
The taxpayer started trading in the 14/15 tax year and an actual basis of assessment will apply.
You rightly say that the first ACCOUNTING YEAR (y/e 31 May 2015) ends in the second tax year 15/16 – so that is what will be assessed using CYB for that second tax year! This clearly includes April and May 2015.
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