Roger commences trading on 1 May 2024, preparing accounts to 5 April each year. His first accounts
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Roger commences trading on 1 May 2024, preparing accounts to 5 April each year. His first accounts cover the period from 1 May 2024 to 5 April 2025. Adjusted trading profits for the first three periods of account are as follows:
(a) Compute Roger's trading income for tax years 2024-25 to 2026-27 inclusive.
(b) What difference would it make Roger had chosen 31 March as his annual accounting date and the above figures were for periods of account ending on 31 March instead of 5 April?
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a As from tax year 202425 basis periods are abolished and selfemployed persons are taxed on the ...View the full answer
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