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PAGE 39 IN F6 NOTE
I do understand “if a trade makes accounts to 31 october each year, his 2011/12 assessment will be based on the trading profit for the accounting period ending 31 october 2011.”BUT I don’t understand the answers of example 1!!!!
pls help!Tax year for individuals is from 6 April to the following 5 April.
Our current tax year is 6 April 2012 to 5 April 2013. So if I were to prepare my accounts to 31 October 2012 then my tax year of assessment will be 2012/13. An even further more, preparing accounts to any date between the 6 April 2012 to 5 April 2013, the tax year will always be 2012/13.
And for example 1-3 pp. 39, approach them the following way:
eg 1
31 March 2011 falls between 6 April 2010-5 April 2011.
Therefore, tax year of assessment is 2010/2011.eg2
31 Aug 2011 falls between 6 April 2011-5 April 2012.
Therefore, tax year of assessment is 2011/12.eg3
31 April 2011 falls between 6 April 2011-5 April 2012.
Therefore, tax year of assessment is 2011/12.Hope this helps.
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