Greta com mences trading on 1 January 2016 and chooses 30 June as her annual accounting date.
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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 £27,300. Compute Greta's trading income for the first three tax years and calculate the amount of any overlap profits.
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Before jumping into the calculation lets first understand what overlap profit is When you start a bu...View the full answer
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