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9. Jason
Overlap profits:
1.7.21 to 5.4.22
27,000
1.6.22 to 30.6.22
2,000
Total:
29,000
(W1) Total mileage
12,000
Private (touring)
(2,000)
10,000
Private 20%
×
10,000
2,000
Total private use 4,000/12,000
Year
Basis of assessment
Assessment
2021/22
Actual basis:
1.7.21 to 5.4.22
9/11 x £33,000
27,000
2022/23
First 12 months:
1.7.21 to 30.6.22
1.7.21 to 31.5.22
33,000
1.6.22 to 30.6.22
1/12 x 24,000
2,000
35,000
2023/24
CYB
year ended 31.5.23
24,000
2024/25
CYB
year ended 31.5.24
36,000
325
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10. Stephen
Assessment
Year
Basis of assessment
£
2017/18
Actual
1/2/2018 – 5/4/2018 (30,000
×
2/15)
4,000
2018/19
Actual
6/4/2018 – 5/4/2019 (30,000
×
12/15)
24,000
2019/20
12 months to accounting date 12m to 30/4/2019
(30,000
×
12/15)
24,000
2020/21
CYB
Y/e 30/4/2020
10,000
2021/22
CYB
Y/e 30/4/2021
12,000
2022/23
CYB
Y/e 30/4/2022
15,000
2023/24
Remaining profits less overlap Y/e 30/4/2023
18,000
P/e 31/10/2023
7,000
25,000
Less: Overlap
1/5/2018 – 5/4/2019 (11/15
×
30,000)
(22,000)
3,000
326
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11. Grace
The capital allowances, computed for each accounting period are as follows:
The car was for the use of an employee of the business, not the proprietor, so the private use does
not impact on the capital allowances.
The Trading profits of the first three periods of account are as follows:
Period to 31 July 2023
AIA
Main Pool Allowances
Additions qualifying for AIA
£
£
£
Plant
69,500
AIA (max 15/12 x £1M)
69,500
(69,500)
Other Additions - Car (< 51 g/km)
21,600
WDA (18% x 15/12 x 21,600)
(4,860)
(4,860)
Total Allowances:
(74,360)
WDV c/f
16,740
Accounting Year ended 31 July 2024
WDV b/f
16,740
Additions qualifying for AIA
Plant
40,000
AIA
(40,000)
(40,000)
WDA @ 18%
(3,013)
(3,013)
Total Allowances:
(43,013)
WDV c/f
13,727
Accounting Year ended 31 July 2025
WDV b/f
13,727
Additions qualifying for AIA
Plant
25,000
AIA
(25,000)
(25,000)
Disposal
(13,000)
727
Small Pool WDA
(727)
(727)
Total allowances:
(25,727)
Period of account
Working
Trading Profits
1/5/2022 - 31/7/2023
£ (128,360 – 74,360)
54,000
1/8/2023 - 31/7/2024
£ (88,013 – 43,013)
45,000
1/8/2024 - 31/7/2025
£ (75,727 – 25,727)
50,000
327
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The assessments are as follows:
Overlap profits are those from 1/8/2022 – 5/4/2023 ie: 8/15
×
£54,000 = £28,800
Year
Basis of Assessment
Basis period
Working
Assessmen
t
2022/23_loss_of_£9,000_:_This_can_be_relieved_against_total_income_of_2019/20,_2020/21,_2021/22_in_that_order._2023/24'>2022/23 Actual
1/5/2022 - 5/4/2023
£54,000
×
11/15
39,600
2023/24 12 months to accounting date
1/8/2022 - 31/7/2023
£54,000
×
12/15
43,200
2024/25 CYB
A/C y/e 31/7/2024
45,000
2025/26 CYB
A/C y/e 31/7/2025
50,000
328
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12. David
Capital allowances for each accounting period:
Profits for periods of account:
Year ended 5 April 2023
AIA
Main
Pool
Allowances
£
£
£
WDV b/f
14,800
Additions qualifying for AIA
Plant
2,800
AIA - 100%
(2,800)
(2,800)
WDA @ 18%
(2,664)
(2,664)
Total allowances:
(5,464)
WDV c/f
12,136
Year ended 5 April 2024
WDV b/f
12,136
Additions qualifying for AIA
Plant
4,600
AIA - 100%
(4,600)
(4,600)
WDA @ 18%
(2,184)
(2,184)
Total allowances:
(6,784)
WDV c/f
9,952
Period to 30 June 2024
WDV b/f
9,952
Disposal
(4,000)
5,952
Balancing allowance
(5,952)
(5,952)
–
Period of account
Working
Trading
profit
£
6/4/2022 - 5/4/2023
(25,000 – 5,464)
19,536
6/4/2023 - 5/4/2024
(27,000 – 6,784)
20,216
6/4/2024 - 30/06/2024 (14,000 – 5,952)
8,048
Trading profit Assessments
£
£
2022/23
CYB (y/e 5/4/2023)
19,536
2023/24
CYB (y/e 5/4/2024)
20,216
2024/25
6/4/2024 - 30/6/2024
8,048
Less overlap profit
(2,000)
6,048
329
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13.
Max
(a)
Trading profit assessments
(b)
Opening years loss relief
2021/22
loss of £3,000
:
This can be relieved against total income of 2018/19, 2019/20, 2020/21 in that order (FIFO).
2022/23
loss of £9,000
:
This can be relieved against total income of 2019/20, 2020/21, 2021/22 in that order.
2023/24
loss of £4,000
This can be relieved against total income of 2020/21, 2021/22, 2022/23 in that order.
Trading profit
assessments
Trading
loss
£
£
2021/22
(Actual) (1/1/2022 - 5/4/2022)
3/12
×
( 12,000) (loss)
Nil
3,000
2022/23
(CYB) (y/e 31/12/2022) (loss)
(12,000-3,000 (used in 2021/22)
Nil
9,000
2023/24 (CYB)
Y/e 31/12/2023 (loss)
Nil
4,000
16,000
2024/25 (CYB)
Y/e 31/12/2024
8,000
Less: brought forward loss
(8,000)
(8,000)
Nil
2025/26 (CYB)
Y/e 31/12/2025
11,500
Less: brought forward loss
(8,000)
(8,000)
3,500
Loss carried forward
Nil
330
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The revised net income for 2018/19 to 2021/22 is as follows:
£
£
Loss sustained in 2021/22
3,000
2018/19
Employment income
19,200
Less: opening years loss relief
(3,000)
(3,000)
Net Income
16,200
Nil
Loss sustained in 2022/23
9,000
2019/20
Employment income
23,800
Less: opening years loss relief
(9,000)
(9,000)
Net Income
14,800
Nil
Loss sustained in 2023/24
4,000
2020/21
Employment income
20,100
Less: opening years loss relief
(4,000)
(4,000)
Net Income
16,100
Nil
331
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14. Elliot
(a) Assessments:
Income Tax Computations:
Loss memo:
A current year o
ff
set could be chosen but this would waste the Personal allowance of 2023/24
without achieving any tax saving. The carry back against total income in 2022/23 is unrestricted as
the non trading total income (6,000), does not exceed £50,000. As Elliot has traded for many years
the special opening years loss relief allowing a 3 year carry back is not available.
2020/21
y/e 31 Dec 2020
60,000
2021/22
y/e 31 Dec 2021
30,000
2022/23
y/e 31 Dec 2022
40,000
2023/24
y/e 31 Dec 2023
NIL
(loss of £60,000)
2020/21
2021/22
2022/23
2023/24
£
£
£
£
Trading profit
60,000
30,000
40,000
NIL
Property Income
6,000
6,000
6,000
6,000
Total Income
66,000
36,000
46,000
6,000
Current year (no claim)
(–)
Carryback
(46,000)
Net income
66,000
36,000
Nil
6,000
Personal Allowance
(12,570)
(12,570)
(12,570)
(12,570)
Taxable income
53,430
23,430
Nil
Nil
Trading loss 2023/24
60,000
Carryback 2022/23
(46,000)
Trading loss available to carry forward
14,000
332
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(b) Ceasing to trade:
If Elliot ceased trading at 31 December 2023 terminal loss relief would be available allowing the
trading loss of the last 12 months of trading to be carried back and set o
ff
against the trading profit
assessments of the preceding 3 tax years on a LIFO basis, starting with the £40,000 trading profit
assessment in 2022/23 and then to 2021/22 and if loss still remains to 2020/21.
Terminal loss relief as stated is available for the loss sustained in the last 12 months of trading which
will include the full £60,000 loss. A separate calculation is required which divides the last 12 month
period between the final tax year and the penultimate tax year. The loss of the final tax year would
also include any overlap relief from the opening tax years.
333
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15. Anne and Betty
(a)
(1)
Each partner is treated as a sole trader running a business and is assessed on his/her
share of the adjusted trading profit of the partnership using the relevant basis of assessment
for each partner. Continuing partners will be assessed using CYB.
(2)
The commencement rules apply when a new partner joins the partnership.
(3)
The cessation rules apply when an existing partner leaves the partnership.
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