Question $1$

Wilton starts a trade on $1^{st}$ May $2020$ and has the following results before capital allowances.

Period of account

$1^{st}$ May $2020-{31}^{st}$ July $2021$

$1^{st}$ August $2021-311^{st}$ July $2022$

$1^{st}$ August $2022-{31}^{st}$ July $2023$

Plant is bought as follows:

Profits

$$

$1,324,400$

$1,325,000$

$1,350,000$

Date

Cost

$$

$1^{st}$ May $2020$

Features integral to a building

$154,750$

${30}^{th}$ June $2020$

ICT equipment

$14,000$

$1^{st}$ December $2020$

Other general plant

$800,000$

$1^{st}$ October $2021$

Cars with $105\frac{g}{k}mC{O}_2$ emissions

$62,000$

$1^{st}$ May $2023,$ Office equipment

$4,000$

On $1^{st}$ May $2022$ the ICT equipment which cost $14,000$ was sold for $8,000.$

Requirement:

Calculate assessments on profits from trading for the first four tax years assuming that, as announced, the Annual Investment Allowance reverts to $200,000$ after ${31}^{st}$ March $2023$