im confused on working out the tax periods, i know its 6-4-20** to 5-4-20** ( correct me if im wrong)
but when i try to compute profits or losses, for a period i never seem to grasp the method used ????? please help, its keping me stuck on many questions.
You are correct, Tax Yr for Individuals run from 6th April to 5th April.
First, try to understand the difference between the following terms : – 1. Accounting Year 2. Tax Year – 6/4/** to 5/4/** 3. Basis Period
Compute Profit /Loss based on the Accounting Year. Then allocate the calculated profits according to the basis period for each tax year. The profits for a basis period are taxed in the corresponding tax year.