Tx notes fa22 Final

June 2023 to March 2024 exams
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Example 2 
Andrew started to trade on 1 January 2022 and makes up his first accounts to 30 June 2022 and 
then 30 June annually thereafter. His trading profits are as follows:
(a)
What are the assessments for the relevant tax years?
(b)
How much overlap relief is available? 
 
Example 3 
Chris started to trade on 1 May 2021 and makes up his first accounts to 31 October 2022 and then 
31 October annually thereafter.
He made £36,000 trading profits in the 18 months to 31 October 2022 and £30,000 in the year 
ended 31 October 2023.
Compute the assessments for the relevant tax years so far as the above information will allow 
and compute the amount of overlap profit that arises. 
 
Example 4 
John commenced trading on 1 December 2021 and prepared accounts to 31 May 2023 in which 
period he made an adjusted trading profit of £54,000. The adjusted trading profit for the accounting 
year ended 31 May 2024 is £48,000.
Compute the assessments for the relevant tax years of assessment for the information 
provided and calculate the amount of overlap profit arising and state what will happen to the 
overlap profit 
6 months
to 30 June 2022
£30,000
Year
to 30 June 2023
£70,000
Year
to 30 June 2024
£82,000

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June 2023 to March 2024 exams
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1.2.