Taxation of the unincorporated business for Paper P6 (UK) - part 1: self-test

Test your understanding

(1). Zhou began trading on 1 June 2015. Accounts will be prepared to either:

(i) 31 December, or
(ii) 30 April.

What are the basis periods for the first three tax years and what is the overlap period in respect of each of the two alternative year ends?


(2). Paula began trading on 1 June 2014. She has a tax adjusted trading loss for the tax year 2014/15.

What are the alternative reliefs available in respect of this trading loss?


Answers