Test your understanding
Mizo began trading on 1 September 2025 and uses the accruals basis. His tax-adjusted trading profits per month are set out below.
| £ | |
|---|---|
| September and October 2025 (two months) | 4,000 |
| November 2025 to March 2026 (five months) | 3,000 |
| April to September 2026 (six months) | 6,000 |
| October 2026 onwards | 10,000 |
If Mizo adopts a 31 May year end, what will be his taxable trading profits for the first two tax years of trading?
