BPT Basis periods mindmap

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  • Created by: haylz123
  • Created on: 05-03-16 10:45
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  • Basis Periods
    • Cessation of trade
      • Last tax year = year cease to trade
      • Assessed using special 'closing year rules'
      • Tax all profits not yet assessed - overlap profits
    • Ongoing business
      • Assessed on accounting period ending in tax year 'current year basis'
      • Applies to ongoing businesses
      • Tax the 12 month set of accounts that ends in the tax year
    • Start of trade
      • Assessed using special 'opening year rules'
      • First tax year
        • Actual basis: Tax from start of trade to following 5 April
      • Second tax year
        • Is there a POA ending in the 2nd tax year?
          • Yes
            • How long is the POA?
              • Exactly 12 months - Tax that period of account: CYB
              • Less than 12 months - Tax first 12 months of trading (ie from start)
              • More than 12 months - Tax last 12 months of long POA
          • No
            • Tax actual tax year (06.04 - 05.04)
      • Third tax year
        • Tax 12 months of profits to accounting date ending in the third tax year

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