ICAEW CFAB PoT Revision Class - IT, CA, NIC, CGT, CTA (part 2)

Jonah commenced trading on 1 October 2023, preparing his first accounts to 30 June 2024. The tax-adjusted trading profits for the period ended 30 June 2024 were £43,785.

What is Jonah's assessable trading profit for 2023/24?

Trading profit for 2023/24   £

John commenced trading on 1 July 2023, preparing his first accounts to 30 September 2024. The tax-adjusted trading profits for the period ended 30 September 2024 were £37,500.

What is John's assessable trading profit for 2023/24?

• £0

• £22,500

• £30,000

• £37,500

Khalid ceased trading on 31 March 2025. His taxable trading income was:

Year ended 31 December 2024                                             £5,600

Period ended 31 March 2025                                                £4,500

What is the taxable trading income for 2024/25?

• £10,100

• £8,700

• £4,500

• £4,200

Jacob commenced trading on 1 July 2023, preparing his first accounts to 31 December 2023. The tax-adjusted trading profits for the first two periods of account are:

                                                                                                                                                                  £

6 months ended 31 December 2023                                                                                              4,800

Year ended 31 December 2024                                                                                                    22,640

What is Jacob's trading profit assessment for 2023/24?

• £4,800

• £10,460

• £16,120

• £22,640

Cameron started trading on 1 July 2023. He decided to make up his accounts to 30 April each year.

In the 10 months to 30 April 2024, Cameron had tax-adjusted profits of £16,450. He estimates that his tax-adjusted profits for the year to 30 April 2025 will be £27,840.

What is the profit taxed in 2023/24?

• £27,840

• £16,450

• £14,805

• £12,338

Sharmila has been trading as a sole trader for many years, preparing accounts to 31 December each year.

Her recent tax-adjusted profits are:

                                                                                                £      

Year ended 31 December 2024                                       15,000

Year ended 31 December 2025                                       18,000

What are Sharmila's assessable trading profits for 2024/25?

• £15,000

• £18,000

• £15,750

• £10,500

Gregor ceased trading on 30 April 2024. He had been trading for many years, preparing accounts to 31 January each year.

His recent tax-adjusted trading profits are:

                                                                                                £      

Year ended 31 January 2023                                            50,000

Fifteen months to 30 April 2024                                      60,000

What are Gregor's assessable trading profits for 2023/24?

• £50,000

• £48,000

• £12,000

• £60,000

Which of the following pays capital gains tax on chargeable gains?

• RSPCA, a registered charity

• Mug plc, a quoted trading company

• Sid and Nancy who are in partnership together

• Bert's registered pension scheme

Harriet purchased an antique necklace in January 2003 for £4,000. She sold it in January 2024 for £9,400. She paid £200 as commission to the agent who sold the necklace for her.

What is the chargeable gain on disposal of the necklace?

• £5,200

• £5,400

• £5,667

• £5,333

Which two of the following items are exempt assets for capital gains tax purposes?

• £5,000 worth of gilt-edged securities

• A property used for holidays and weekend visits

• A classic car worth £60,000

• A valuable 18th-century book