Raheem has been trading for many years, preparing accounts to 31 May each year. Recent adjusted trading
Question:
Raheem has been trading for many years, preparing accounts to 31 May each year. Recent adjusted trading profits are as follows:
Compute Raheem's trading income for tax years 2021-22 to 2025-26 inclusive, assuming that he has unused overlap profits brought forward of £16,200 and makes no elections with regard to the transition profit (if any) that arises in tax year 2023-24.
Any necessary apportionments should be made on a monthly basis.
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Step by Step Answer:
Basis periods for 2021 22 through to 202324 are as follows As from 202425 Raheem is assessed on the profits actually arising in each tax year The basis period for transitional year 202324 is twentytwo ...View the full answer
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