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hello,
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.
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Hi …
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 PeriodCompute 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.
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