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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?
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