Tx notes fa22 Final

June 2023 to March 2024 exams
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12. David 
David traded for many years preparing accounts to 5 April when he ceased trading at 30 June 2024. 
Trading profits (before capital allowances) have been as follows:
Expenditure on plant had been as follows:
All items of plant were sold on 30 June 2024 for £4,000 (no item was sold for more than cost).
The written down value of the main pool as at 6 April 2022 was £14,800. Overlap profit from 
commencement was £2,000.
Calculate the trading profit assessments for the final three tax years of assessment. 
Assume that the capital allowance rates applicable to the 2022/23 tax year apply throughout.


Year ended 
£
5 April 2023 
25,000 
5 April 2024 
27,000 
Period to 30 June 2024
14,000 
£
Date 
Cost 
1 June 2022 
2,800 
1 October 2023 
4,600 

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300
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June 2023 to March 2024 exams
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13. Max 
Max began trading on 1 January 2022. He prepares accounts to 31 December annually, with results 
as follows:
Prior to commencing self-employment, Max had the following income from employment:
(a)
Calculate the trading profit assessments for relevant tax years assuming loss relief is 
carried forward. 
(b)
Show how the losses incurred in the first years of trading can be relieved under special 
opening years loss relief, by showing the net income of each year a