Tax computation.
jamesarowe
Registered Posts: 2 New contributor 🐸
Self employed market trader has the following profits;
Year ended 30/06/12 - £30,000.
Year ended 30/06/13 - £28,000.
I calculate his trading income for the tax year 12/13 as £28,500.
01/04/12 - 30/06/12 £7,500 (30000/12x3)
01/07/12 - 30/03/13 £21,000 (28000/12x9)
But the Osborne PTX workbook has £30,000. Is this an error in the book or am I getting it wrong?
Any advice or ell would be much appreciated.
Year ended 30/06/12 - £30,000.
Year ended 30/06/13 - £28,000.
I calculate his trading income for the tax year 12/13 as £28,500.
01/04/12 - 30/06/12 £7,500 (30000/12x3)
01/07/12 - 30/03/13 £21,000 (28000/12x9)
But the Osborne PTX workbook has £30,000. Is this an error in the book or am I getting it wrong?
Any advice or ell would be much appreciated.
0
Comments
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Hello,
Sole trader profits are calculated with respect to the traders end of period, not the end of the tax year. So your 12/13 profits will be those of the period which ended in the tax year 12/13, hence those in the period ending 30/6/12.0 -
Hi nps1976,
Thank you for your quick response, that rings a bell now!! Much appreciated.0
