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polka10
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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
Tax Tutor
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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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