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Hi,
Great job and effort towards making us aware of taxation. I saw your lecture on ex2 of partnership. I was confused for the assessment of Ann and Beryl. In the second tax year of 13/14. Why you did not take the first twelve of trade. Why you did it CYB for second tax year?Many Thanks
They started trading on 1 July and prepared accounts to following 30 June, thus the opening accounting period is exactly a year and hence in the second tax year there is an accounting YEAR ended in the that tax year and hence this is CYB – it is also exactly the same period as the first 12 months!!
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