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Question 1 Wilton starts a trade on 1st May 2020 and has the...

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Accounting

Question $1$

Wilton starts a trade on $1^{s t}$ May $2020$ and has the following results before capital allowances.

Period of account

$1^{s t}$ May $2020 - 31^{s t}$ July $2021$

$1^{s t}$ August $2021 - 31 1^{s t}$ July $2022$

$1^{s t}$ August $2022 - 31^{s t}$ July $2023$

Plant is bought as follows:

Profits

$1, 324, 400$

$1, 325, 000$

$1, 350, 000$

Date

Cost

$1^{s t}$ May $2020$

Features integral to a building

$154, 750$

$30^{t h}$ June $2020$

ICT equipment

$14, 000$

$1^{s t}$ December $2020$

Other general plant

$800, 000$

$1^{s t}$ October $2021$

Cars with $105 \frac{g}{k} m C O_{2}$ emissions

$62, 000$

$1^{s t}$ May $2023,$ Office equipment

$4, 000$

On $1^{s t}$ May $2022$ the ICT equipment which cost $14, 000$ was sold for $8, 000 .$

Requirement:

Calculate assessments on profits from trading for the first four tax years assuming that, as announced, the Annual Investment Allowance reverts to $200, 000$ after $31^{s t}$ March $2023$

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