Dear Tutor,
In which tax year the Income needs to be taxed when :
the income period is 1 March 2016 - 31 March 2016
And the Payment date is 31 May 2016
What I know is earlier of
-entitlement date
-actual date of receipt
Please help me to figure it out.
Thanks
Ask the Tutor ACCA TX-UK
Taxable tax year
What you "know" is correct!
The "income period" you quote is meaningless in isolation! We clearly know the date of receipt but need to know when the taxpayer became entitled. Are we dealing with salary payments due or are we dealing with a bonus payment as although you have not said it in your question we must be dealing with employment income!
What is the full wording of the question and where did it come from?
Sign in to reply to this topic.