TAXABLE PROFITS

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November 3, 2021 at 7:06 am #639814
shaunak22
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STEPHANS TRADING INCOME

19/20 – TRADIING INCOME IS 9000

20/21 – TRADING INCOME IS 48000

21/22 – TRADING INCOME IS 60000

I HAVE BEEN ASKED TO CALCULATE THE TAXXABLE PROFIT FOR EACH YEAR WOULD BE THE (TRADING INCOME – PERSONAL ALLOWANCE) RIGHT?
November 3, 2021 at 12:09 pm #639840
Tax Tutor
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Not sure where you got the question from but “taxable profit” is not a recognised term – we have an “adjusted trading profit” and “taxable income”.
If the ONLY income was trading profit then the taxable amount of that profit would be after deducting the PA
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