Frank began trading on 1 July 2015 . Identify the basis periods for his first four tax

Question:

Frank began trading on 1 July 2015 . 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 accou nts for the year to 30 June 2016

(b) chooses 30 April as his annual accounting date and prep ares his first accounts fo r the 22 months to 30 April 2017

(c) chooses 30 April as his annual accounting date and prepares his first accounts for the 10 months to 30 April 2016.

Also identify any overlap periods which arise in each case.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Taxation Finance Act 2017

ISBN: 9781292200804

23rd Edition

Authors: Alan Melville

See More Books

Question Posted: Feb 06, 2024 05:00 AM

See More Questions

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...
Roger began trading on 1 January 2015, preparing accounts to 30 April each year. His first accounts were for the 16 months to 30 April 2016. In 2018 he decided to change his accounting date to 30...
Roger began trading on 1 January 2011 , preparing accounts to 30 April each year. His first accounts were for the 16 months to 30 April 2012. In 2014 he decided to change his accounting date to 30...
Graph the sets of points whose polar coordinates satisfy the equations and inequalitie. = 2/3, r -2
When levulinic acid (CH3CCH2CH2CO2H) was hydrogenated at high pressure over a nickel catalyst at 220C, a single product, C5H8O2, was isolated in 94% yield. This compound lacks hydroxyl absorption in...
Explain why the internal rate-of-return and the net present value decision rules may rank projects differently
Income before income taxes Provision for income taxes Net income Earnings per share: Basic Diluted Nine Months Ended March 31, 2000 10,624 3,612 5 7,012 5 1.35 $ 1.27 Stockholders' Equity Statement...
Dailey Company issued $300,000, 8%, 15-year bonds on December 31, 2013, for $288,000. Interest is payable annually on December 31. Dailey uses the straight-line method to amortize bond premium or...
The cost of acquiring a trademark should most likely be capitalized as part of the cost of. a. Land. Ob. Buildings and equipment Oc. Indefinite-lived intangibles. k Od. Finite-lived intangibles Oe....
Greta com mences trading on 1 January 2016 and chooses 30 June as her annual accounting date. Her first accounts are made up f or the 18 mont hs to 30 June 2017 and show an adjusted trading profit of...
Under the current year basis, for which tax years would the following accounting years form the basis period? (a) year to 31 October 2017 (b) year to 31 March 2018 (c) year to 30 April 2019 (d) year...
Why is it critical for a retailer to examine a locations economic base in its decision to open a store?
Factor the expression. 4x+31x+21
What was the total cost of Job #1253 for January? * (1 Point) BREAD Co. is a print shop that produces jobs to customer specifications. During January 2019, Job #1253 was worked on and the following...
The Greensboro Performing Arts Center (GPAC) has a total capacity of 7,600 seats: 2,000 center seats, 2,500 side seats, and 3,100 balcony seats. The budgeted and actual tickets sold for a Broadway...
eBook Current position analysis The bond indenture for the 10-year, 9% debenture bonds issued January 2, 2015, required working capital of $100,000, a current ratio of 1.5, and a quick ratio of 1 the...
Explain Below terms 1-Leverage Ratios 2-Profitability Ratios 3-Market Value Ratios 4-Liquidity Ratios 5-Efficiency Ratios
The sequence { X n }, n ³ 1, of r.v.s is said to converge completely to 0, if for every e > 0, P(| X n |³ e) < ¥. (i) Show that, if { X n }, n ³ 1, converges completely to 0, then...
Use the T account for Cash below to record the portion of each of the following transactions, if any that affect cash. How do these transactions affect the companys liquidity? Jan. 2 Provided...
(a) Sparkling Pictures plc is a company which specialises in video production. The company is preparing its financial statements for the financial year ended 30 April 2018. During the financial year...
A company enters into 10,000 contracts with customers, all on the same date. These contracts have very similar characteristics and therefore (as a practical expedient) the company decides to apply...
Triangle, a public listed company, is in the process of preparing its draft financial statements for the year to 31 March 2018. On 1 April 2017, Triangle sold maturing inventory that had a carrying...
Which of the following programs covers custodial care? A HMOs B Medicare Part B C PPOs D Medicare Part A E Medicaid
uppose a taxpayer has exhausted his lifetime exclusion amount and has $14 million. a. Assuming a flat 40% gift tax rate, what is the maximum amount a taxpayer can transfer to her daughter (and still...
Physical Units Method, Relative Sales Value Method Farleigh Petroleum, Inc., is a small company that acquires high - grade crude oil from low - volume production wells owned by individuals and small...

Frank began trading on 1 July 2015 . Identify the basis periods for his first four tax

Question:

Step by Step Answer:

Addressing each case separately we can identify the basis periods and any potential overlap periods a If Frank chooses 30 June as his annual accountin...View the full answer

Taxation Finance Act 2017

Students also viewed these Business questions