Frank began trading on 1 July 2019. Identify the basis periods for his first four tax years

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Frank began trading on 1 July 2019. Identify the basis periods for his first four tax years if he:

(a) chooses 30 June as his annual accounting date and prepares his first accounts for the year to 30 June 2020

(b) chooses 30 April as his annual accounting date and prepares his first accounts for the 22 months to 30 April 2021

Also identify any overlap periods which arise in each case.

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Taxation Finance Act 2021

ISBN: 9781292406725

27th Edition

Authors: Alan Melville

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Question Posted: Jan 31, 2024 02:01 AM

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Frank began trading on 1 July 2019. Identify the basis periods for his first four tax years

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The basis period for a tax year is the period for which a selfemployed person like Frank will pay tax for a particular tax year In general the basis p...View the full answer

Taxation Finance Act 2021

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