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Insurance was paid on 29.6.14 for 585 till 31.5.15.
i am calculating it as 9 months: jul, A, S, O, N, D, J, F, M
but the example takes it as 10 months.
can u please explain how it is 10 months?
Having checked through the notes I assume you are referring to Q.7 Peter in the Practice Questions section.
The date the amount was paid is entirely irrelevant – we deduct expenses on an accruals basis for the amount incurred in the tax year – look at the question and see that the Insurance payment was for the year ended 31 May 2015 of which 10 months fall into the 14/15 tax year!
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