Sir if in the opening period of 5 months say October 1st 2022 - jan 31st 2023 that lies in the 22/23 tax year how will it be assessed?
Ask the Tutor ACCA TX-UK
Regarding basis of assesment
If someone starts to trade on 1st October 22 (in the tax year 22/23) then there first year of trade for tax purposes in 22/23.
They will be assessed on the ACTUAL profits received in the period 1.10.22 to 5.4.23, this will include the profits in your question and part of the profits from the next set of accounts.
Sign into reply to this topic.