A farmer began trading many years ago preparing accounts to 5 April each year. He does not
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A farmer began trading many years ago preparing accounts to 5 April each year. He does not use the cash basis. Recent adjusted trading profits are as follows:
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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The tax years in question are 202223 and 202324 The lower of the two pro...View the full answer
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