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Regarding basis of assesment

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Regarding basis of assesment

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by JillyB.
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  • November 6, 2022 at 8:36 am #670749
    dennissherpa101
    Member
    • Topics: 58
    • Replies: 60
    • ☆☆

    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?

    November 7, 2022 at 12:13 pm #670844
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    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.

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