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Practice question 18

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Practice question 18

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Tax Tutor.
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  • May 24, 2018 at 7:43 pm #453819
    polka10
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Hi,
    Could You explain how come than Chloe is assessed with CYB in her 2 YR? Should it not be 01/07/17 – 30/06/18 for 2018/2019 and 01/01/18 -31/12/19 for 2019/2020 (CYB)?

    Thanks

    May 29, 2018 at 10:12 am #454584
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    CYB is correctly used in her 2nd tax year – 2018/19 – but the answer should of course state that the basis period is the a/c y/e 31 December 2018 – NOT 2017! – for which period the correct figure is given. Apologies for updating typing error!
    You are using the profits of the first 12 months which is incorrect as she was a partner for the entire accounting period for the year ended 31/12/18 which gives her a CYB assessment in 2018/19.

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