A

    Income tax - Trading income - Sole traders - Profits - Taxation of trading profits - Commencement of trade - Why are there special rules? - 21125

    The basis period rules on the commencement of a trade attempt to ensure that profits are taxed evenly over the first 3 years. The results of one accounting period may be spread across more than...

    Dealing with the opening year rules in practice

    In most cases your unincorporated clients’ tax basis period will be the same as their accounting period. But this may not be true in their early years - and there can be complications. What...