Greta commences trading on 1 January 2020 and chooses 30 June as her annual accounting date. Her
Question:
Greta commences trading on 1 January 2020 and chooses 30 June as her annual accounting date. Her first accounts are made up for the 18 months to 30 June 2021 and show an adjusted trading profit of £27,300. Compute Greta's trading income for the first three tax years and calculate the amount of any overlap profits.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
This question involves UK tax system where basis period and overlap profits are applicable in the scenario Basis period is the time period for which t...View the full answer
Answered By
Milan Mondal
I am milan mondal have done my Msc in physics (special astrophysics and relativity) from the University of burdwan and Bed in physical science from the same University.
From 2018 I am working as pgt physics teacher in kendriya vidyalaya no2 kharagpur ,west bengal. And also I am doing advanced physics expert in chegg.com .also I teach Bsc physics .
I love to teach physics and acience.
If you give me a chance I will give my best to you.
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Greta commences trading on 1 January 2016 and chooses 30 June as her annual accounting date. Her first accounts are made up for the 18 months to 30 June 2017 and show an adjusted trading profit of...
-
Explain the meaning of the terms emoluments, employments and office for the purposes of PAYE as you earn systems. 2. Explain the actual receipts basis of assessing the emoluments from the employment...
-
Sienna Major is UK resident and UK domiciled. Sienna is an employee of Otto Ltd earning 41,900 pa as her salary. In addition she is provided with a number of benefits: Otto Ltd contributes 10% of...
-
9 Calculate (3x+x) dx, given the following. Cap [x0x 665 3 xdx= 271 3 19 xdx = 0 2 65 S (3x + x) dx = (Type an integer or a simplified fraction.)
-
We have proved a theorem often called the Weak Law of Large Numbers. Most peoples intuition and our computer simulations suggest that, if we toss a coin a sequence of times, the proportion of heads...
-
FIGURE EX30.5 shows a 10 cm 10 cm square bent at a 90? angle. A uniform 0.050 T magnetic field points downward at a 45? angle. What is the magnetic flux through the loop? 5 m 10 45 5 m FIGURE EX30.5
-
Your heart rate is the number of times your heart beats in a minute. It changes over the course of the day as your activity level increases or decreases. Begin by measuring your resting heart rate....
-
Karim Depak received a Form 1099-B showing the following stock transactions and basis during 2014: None of the stock is qualified small business stock. Calculate Karim's net capital gain or loss...
-
1) Assembly Programming a) Write the following C function in Assembly. You must follow the System V 64-bit calling convention and use AT&T Syntax notation. Note: You cannot change the algorithm in...
-
Hitesh has been trading for many years, preparing accounts to 31 January each year. His last full year of trading is the year to 31 January 2021. Identify the basis periods for the last three tax...
-
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...
-
Brown Chemical Manufacturing produces a single product called CRX. The companys product is sold mainly to food processing manufacturers who use it as a preservative. The production process for CRX is...
-
Jeremy is a 23 year old male. He was recently fired from his job after testing positive for THC. For the past month he has been having marital problems and has been cheating on his wife. His wife has...
-
CFC Pty Ltd ('the company') recorded the following transactions in relation to its franking account: - 1 July 2020 - The company had an opening balance of $43,000 (credit) - 6 September 2020 - The...
-
Charlie is attempting to raise 200,000 through a mortgage from First Loan Company in order to purchase a house for 290,000. They find the company is willing to lend a standard fixed-rate mortgage at...
-
What is the complexity of given code segment below? public static void whoknows(int[][] arr) { for (int i = 0; i < arr.length; i++) { for (int j = 0; j
-
1. In the year of her death, P owned a rental property - land (FMV $300,000; cost $230,000), building (FMV $380,000; cost $310,000; UCC $220,000). In her Will, she bequeathed the property to her...
-
The following information pertains to Jazon, Inc., for last year: Beginning inventory, units ............ Units produced ................60,000 Units sold ...................57,400 Variable costs per...
-
Consider the following cash flows in Table P5.5. (a) Calculate the payback period for each project. (b) Determine whether it is meaningful to calculate a payback period for project D. (c) Assuming...
-
Company X is an old-established clothing retailer. The company operates from expensive city centre premises and offers a high standard of customer service. The company's customers are willing to pay...
-
The issued share capital of Soresson plc consists of 1,000,000 ordinary shares of 50p each and 250,000 6% preference shares of 1 each. In the year to 31 March 2018, the company's profit after tax was...
-
During the year to 31 December 2017, Tinderlake Ltd attempted to stimulate sales and increase its profits by reducing selling prices, holding larger inventories and giving customers longer credit....
-
What is not true regarding an invoice in QuickBooks Online?
-
A taxpayer takes out a loan secured by property used in their business and they use the proceeds in two ways. They part of the loan in their business to purchase machinery and equipment and they use...
-
Accounts for aluminum and other materials are paid in full the month following their purchase. Accounts payable for aluminum and other materials purchased during December 2020 are described. These...
Study smarter with the SolutionInn App