This question looks at different aspects including employment expenses, self employment, basis periods, capital allowances, adjusted trading loss, opening year loss relief and income tax.
Q - 15 marks
State TWO advantages for Ashura of choosing 5 April as her accounting date rather than a date early in the tax year such as 30 April. (2 marks)
Calculate Ashura's revised tax adjusted trading loss for the nine month period ended 5 April 2016. (6 marks)
Explain why it would not be beneficial for Ashura to claim loss relief under the provisions giving relief to a loss incurred in the early years of trade. (2 marks)
Assuming Ashura claims loss relief against her total income for the tax year 2015-16, calculate her taxable income for the tax year. (5 marks)
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24 сен 2024
