BIM81360 - List of examples in this guidance

Example NumberDescription
1Tax year basis – apportioning profits to calculate taxable profits arising in tax year. See BIM81201.
2Tax year basis – apportioning profits and losses to calculate taxable profit/loss arising in tax year. See BIM81201.
3Late accounting date rules – calculating profits where accounting date falls between 31 March and 4 April. See BIM81210.
4Late accounting date rules – calculating profits of trade commencing between 1 and 5 April. See BIM81210.
5Transitional rules – trade commencing in transition year (2023-24) with late accounting date. See BIM81240.
6Transitional rules – trade commencing in transition year (2023-24) with late accounting date. See BIM81240.
7Transitional rules – continuing trade, basis period for trade with 31 December accounting date. See BIM81260.
8Transitional rules – continuing trade, basis period for trade with late accounting date. See BIM81260.
9Transitional rules – continuing trade, basis period for trade with late accounting date (and change of accounting date in earlier year). See BIM81260.
10Transitional rules – calculating profits, no transition part of basis period. See BIM81280.
11Transitional rules – calculating profits, no transition part of basis period and late accounting date. See BIM81280.
12Transitional rules – calculating profits with transition part, profit-making trade, no overlap profits. See BIM81290.
13Transitional rules – calculating profits with transition part, profit-making trade with overlap profits. See BIM81290.
14Transitional rules – calculating profits with loss in transition part and overlap profits. See BIM81290.
15Transitional rules – calculating profits with transition part, loss in standard part and overlap profits. See BIM81290.
16Transitional rules – calculating profits with loss in transition part, loss in standard part and overlap profits. See BIM81290.
17Transitional rules – calculating loss – loss increased by overlap relief. See BIM81300.
18Transitional rules – calculating loss – profit turned into loss by overlap relief. See BIM81300.
19Spreading transition profits – equal amount of profit taxed in each of the five tax years for continuing trades. See BIM81310.
20Spreading transition profits – amount of profit taxed affected by trade ceasing. See BIM81310.
21Spreading transition profits – election made to accelerate amount of profits taxed in one out of the five tax years. See BIM81310
22Spreading transition profits – election made to accelerate amount of profits taxed in two of the five tax years. See BIM81310.
23Calculating tax liability of transition profits. See BIM81320.
24Calculating tax liability of transition profits where notional net income is above £100,000. See BIM81320.
25Calculating taxable profits of partner’s continuing notional business for 2023-24. See BIM81340.