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Hello,
In ACCA’s answers to Q2 (Dana) of the Dec 2012 paper the tax years are set out as follows:
2011/12 – (1 Jan 2012 to 5 April 2012)
2012/13 – (1 Jan 2012 to 31 December 2012)
2013/14 – (Year ended 30 September 2013)Please could someone explain why they don’t just use the normal tax years (i.e. 5 April to 4 April)?
Exam paper: https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/p6/exampapers/uk/p6uk_2012_dec_q.pdf
ACCA answers: https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/p6/exampapers/uk/P6UK_2012_dec_ans.pdfThanks,
DD
Hi desperatedan I presume you are sitting the P6 paper from your question, but your question is a basic F6 issue of learning the bases of assessment of trading profits in the opening years of a new business. For this refer to the F6 course notes in chapter 6 which firstly explain the normal CYB basis of assessment and then the special rules that apply in the opening years of a new unincorporated trade.
May you then be less desperate!
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