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Patience (March/June 2016)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Patience (March/June 2016)

  • This topic has 1 reply, 2 voices, and was last updated 1 month ago by JillyB.
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  • August 22, 2023 at 2:51 pm #690457
    Claire91
    Participant
    • Topics: 10
    • Replies: 0
    • ☆

    Dear Tutor, I would like to understand why in below question BPP gave the answer that count the whole tutor income of ?14,800 for the TY 2022/23? Shouldn’t it only be 14,800 * 4/12 (April 2022 to July 2022)?

    Thank you,

    Question:

    “Patience retired on 31 December 2022, and on that date ceased employment and self-employment. The following information is available in respect of the tax year 2022/23:
    ………….
    Self-employment
    (1) Patience was self-employed as a private tutor. Her trading profit for the year ended 31 July 2022 was £14,800. This figure is after taking account of capital allowances.

    (2) Patience’s trading profit for the final five-month period of trading from 1 August to 31 December 2022 was £6,900. This figure is before taking account of capital allowances.

    ……….
    Required:
    Calculate Patience’s income tax and capital gains tax liabilities for the tax year 2022-23.

    August 28, 2023 at 12:26 pm #690823
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 428
    • ☆☆☆

    You will have to use the closing years rules for basis periods to determine her income in the final year.

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