A creative artist has been self-employed for many years. Trading income and trading losses in recent tax
Question:
A creative artist has been self-employed for many years. Trading income and trading losses in recent tax years (excluding transition profits) are as follows:
In addition, there are transition profits of £1,200 per year for tax years 2023-24 to 2027-28 inclusive. Calculate the artist's trading income for 2020-21 to 2024-25, assuming that the cash basis is not used and that all possible averaging claims are made.
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2020 21 and 202122 28440 is less than 75 of 43000 ie 32250 so an averaging claim may b...View the full answer
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