Tx notes fa22 Final

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During the year ended 31 December 2022 John took various electrical goods out of stock for 
his own and his family’s use without paying for them. These goods cost £450 and would have 
normally been sold at a mark up of 30%.
John has a room in his private house that he uses as an o
ffi
ce as he often works at home. The 
allowable amount for the use of the o
ffi
ce is £250 and appears to be a fair estimate. Also, John 
makes business calls from his private telephone and he estimates the business use as two 
fifths. The total of his private telephone calls for the year was £450.
Calculate John’s adjusted profit (before capital allowances) for the year ended 31 December 
2022.
You should indicate by the use of zero any items in the statement of profit or loss for which no 
adjustment is required. 
9.
 
Jason 
Jason commenced trading on 1 July 2021 drawing up accounts to 31 May each year.
Trading profit for each accounting period is as follows:
Calculate the trading profit assessments for the relevant tax years and any overlap profits 
arising.


£
1 July 2021 to 31 May 2022
33,000
Year ended 31 May 2023
24,000
Year ended 31 May 2024
36,000

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10. Stephen 
Stephen started to trade on 1 February 2018 and ceased trading on 31 October 2023. His accounts 
show the following trading income: