Tx notes fa22 Final

Calculate the trading profit assessments for all relevant tax years.


£
P/e 30 April 2019
30,000
Y/e 30 April 2020
10,000
Y/e 30 April 2021
12,000
Y/e 30 April 2022
15,000
Y/e 30 April 2023
18,000
P/e 31 October 2023
7,000

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11. Grace 
Grace starts a trade on 1 May 2022, and has the following results (before capital allowances):
Plant is bought as follows:
On 1 May 2025, the car purchased on 1 December 2022 was sold for £13,000. The car was used by 
the sales manager of the business throughout the period of ownership with 60% business use and 
40% private use.
Calculate the trading profit assessments for the opening tax years as far as the available 
information permits, assuming maximum capital allowances are claimed.
Assume that the capital allowance rates applicable to the 2022/23 tax year apply throughout.


Period of account 
Profit 
£ 
1 May 2022 – 31 July 2023
128,360
1 August 2023 – 31 July 2024
88,013
1 August 2024 – 31 July 2025
75,727
Date
Cost 
£ 
1 May 2022 Plant 
69,500
1 Dec 2022 Car (45g /km) 
21,600 
1 Oct 2023 Machinery 
40,000 
1 Feb 2025 Plant
25,000 

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