The recent adjusted trading profits of a self-employed farmer (who began trading many years ago) are as

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The recent adjusted trading profits of a self-employed farmer (who began trading many years ago) are as follows:

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He has no other income. May an averaging claim be made for these two years and would the farmer benefit from such a claim? If so, what is the time limit for making this claim?

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Taxation Finance Act 2020

ISBN: 9781292360713

26th Edition

Authors: Alan Melville

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Question Posted: Feb 10, 2024 01:01 AM

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The recent adjusted trading profits of a self-employed farmer (who began trading many years ago) are as

Question:

year to 30 November 2019 year to 30 November 2020 64,200 18,640

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The tax years in question are 201920 and 202021 The lower of the two pro...View the full answer

Taxation Finance Act 2020

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