Chapter 9 - Basis of Assessment

Question 1

What is the basis of assessment for First tax year?

Answer 1

From the date of commencement to following 5 April

Actual basis

Question 2

For the second tax year… If the period of account ending in the tax year is…

12 months

What is the basis of assessment?

Answer 2

Take 12 months of trade (CYB)

Question 3

For the second tax year… If the period of account ending in the tax year is…

Less than 12 months

What is the basis of assessment?

Answer 3

Take first 12 months of trade

Question 4

For the second tax year… If the period of account ending in the tax year is…

no accounting period ending in the second year

What is the basis of assessment?

Answer 4

Take from 6th April to the 5th of April of that tax year

Question 5

For the third tax year… If the period of account ending in the tax year is…

12 months

What is the basis of assessment?

Answer 5

Take the 12 months of trade (CYB)

Question 6

For the third tax year… If the period of account ending in the tax year is…

More than 12 months

What is the basis of assessment?

Answer 6

Take the last 12 months of that accounting period