Basis periods
Authored by Morag Matson
Professional Development
University
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7 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Alan has been in business for several years, prepares accounts annually to 31 December. The basis period for tax year 2022/23 is:
Year ended 31 December 2023
Year ended 31 December 2022
Year ended 31 December 2021
Year ended 5 April 2023
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A sole trader, who has been in business for several years, prepares accounts annually to 30 April. The basis period for tax year 2022/23 is:
Year ended 30 April 2023
Year ended 30 April 2021
Year ended 30 April 2022
Year ended 5 April 2023
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the final tax year, the trader will always be taxed on 12 months profits.
True or False?
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Michael had been trading for many years and decided to cease trading on 30 September 2022.
Which tax year did the cessation tax place?
2021/22
2022/23
2023/24
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Susan had been trading for many years and decided to cease trading on 30 April 2023.
Which tax year did the cessation tax place?
2021/22
2022/23
2023/24
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which tax year do the new basis of assessment rules fully apply from?
2022/23
2023/24
2024/25
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Grant prepares accounts annually to 31 May. The profits that will be taxed in tax year 2024/25 will be:
Year ended 31 May 2024
Year ended 5 April 2025
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