business tax pass exam 09 dec

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meibaker
meibaker Registered Posts: 481 Dedicated contributor 🦉
hi, i am really confused about this question in 09 exam
mr zhang ceased trading on 31 jan 2009.
Year ended 30 April 2008 trading profit: £30,000
Profits for period ended 31 January 2009 48,316
1,Mr Zhang has overlap profits of £8,316 from when he commenced trading.
it asks you to calculate the tax profit for tax year 2008/09 and calculate Mr zhang's NI for 2008/09?
so what i did was
tax year 2008/09
30.000+48,316-8316= £70.000
What i confused is how to calculate CLASS 2 NI, why there is no need to calculate the year ended to april 2008? as you need to use that figure to calculate the total taxable profit for 2008/09???
2. question 1.5, gain from the sale of goodwill is £400.000, so what's the tax laibility for him? i use the £400.000 deduct enterepenur's relief then deduct annual emeption amount, but in the answer, they never deduct the annual exemption amount. and it never said Mr zhang has already used up his annual emeption amount??? please help, have i misunderstand something here!!!
3. do you not need to fill out the tax return for capital allowance when ur business cease trading??
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