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Hi I’m preparing for December 2022 session for UK Tax paper F6. I’ve been working a few questions and I’m finding it difficult to differentiate when the question is asking for Current Year Basis or Actual Basis.
The questions would just ask to calculate the taxable profit for tax year 2021/22, from that I would assume it’s April 6 2021 to April 5 2022 but the answer sheet is showing the calculation done for the full year Jan-Dec 2021 and then the portion Jan 1 – April 5 2022.
Can you please help me understand how to differentiate when the question wants current year Basis or actual Basis figures?
Thank you.
Anyone coming across this thread, please see following answer-
https://opentuition.com/topic/current-year-basis-and-actual-basis-2/
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