Chapter One - Income Tax - Self-Employed

Question 1

How are first year profits taxed?

Answer 1

Taxed on profits from business start date until following 5th April

Question 2

How are second year profits taxed?

Answer 2

First 12 month profits for selected accounting period

Question 3

How are third year profits taxed?

Answer 3

Next 12 month profits for selected accounting period