Chapter One - Income Tax - Self-Employed Flashcards Preview

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Flashcards in Chapter One - Income Tax - Self-Employed Deck (3)
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1

How are first year profits taxed?

Taxed on profits from business start date until following 5th April

2

How are second year profits taxed?

First 12 month profits for selected accounting period

3

How are third year profits taxed?

Next 12 month profits for selected accounting period