Carl begins trading on 1 July 2021 and chooses 30 June as his accounting date. His tax-
Question:
Carl begins trading on 1 July 2021 and chooses 30 June as his accounting date. His tax- adjusted trading profits/(losses)
for the first three accounting years are as follows:
Now that he is self-employed, Carl has no other income. Prior to becoming self-employed his only income was from employment, as follows:
Assuming that Carl makes all possible early trade losses claims, calculate his net income (i.e. total income less reliefs) for years 2018-19 to 2021-22 inclusive.
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