Mortimer is a self-employed farmer. He has been trading for many years and prepares his accounts to
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Mortimer is a self-employed farmer. He has been trading for many years and prepares his accounts to 30 November each year.
Recent adjusted trading profits are as follows:
(a) Compute Mortimer's trading income for tax years 2022-23 to 2025-26, assuming that no averaging claims are made.
Overlap profits arising on the commencement of trade were £5,520 and these have not yet been relieved.
(b) Compute Mortimer's revised trading income for those tax years, assuming that the cash basis is not used and all possible two-year averaging claims are made.
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