Hi Sir, I'm a little confused so hope you could help me out on this.
They commenced the partnership on 1 July 2017, preparing to 30 April.
So their basis period would be:
- 1st tax year: 1.7.17 to 5.4.18
- 2nd tax year: 1.7.17 to 31.6.18
- 3rd tax year: cyb so year ended 30.4.19
The question asks for trading assessement for the tax year 2019/20 so I thought it would be based on y/e 30.4.19 figures. But the answer uses y/e 30.4.20, isn't this end date in tax year 2020/21?
Please let me know if I messed up my thoughts somewhere here.
Thank you so much.
Ask the Tutor ACCA TX-UK
Trading Income Assessment - BPP Kit OT Case No.79
Based on the information you have given me you are correct, assuming no changes in partners during this period - the assessment in 2019/20 for each partner will indeed be CYB which with a 30 April year end will be year ended 30 April 2019, with year ended 30 April 2020 being assessed in 2020/21.
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