Hello!
1.I do have followed your explanation on CYB but still has some difficulties the part where it says 'this is the tax adjusted trading profit of the accounting year ending in the tax year of assessment.'
-Kindly re-explain it.
2. In example 1( Andrew), for the accounting year ended 31 MAR 2016, the tax year will be 15/16. But exactly at what date, the 5th of April 2015 to 6th of April 2016?
Thanks in advance.
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CYB
CYB assesses for a tax year of assessment, the adjusted profit of the accounting year ENDED in that tax year (a tax year remember runs from 6 April to 5 April), hence the accounting year ended 31 March 2016 ends within the tax year 15/16 which does indeed run from 6 April 2015 to 5 April 2016
It is the year end date itself (31 March 2016) that is used to determine the tax year of assessment
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