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Home / Simons-Taxes /Business tax /Part B2 How are trade profits and losses calculated? /Division B2.8 Post-cessation receipts /Post-cessation trade relief / B2.811 Calculation of post-cessation receipts chargeable to tax—example
Commentary

B2.811 Calculation of post-cessation receipts chargeable to tax—example


Business tax

The calculation of post-cessation receipts chargeable to tax where the accounts are prepared under GAAP is illustrated by the following example.

Example

C's results for the year ended 31 December 2019 show:

  1. Ìý

    ÌýÌýÌýÌý Work invoiced £60,000, opening debtors £5,000, closing debtors £10,000.

  1. Ìý

    ÌýÌýÌýÌý Expenses incurred £19,000, opening creditors £2,000, closing creditors £3,000.

  1. Ìý

    ÌýÌýÌýÌý Work in progress on 1 January

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