The basis upon which personal income or business profits are assessed in the UK for each fiscal year. The specific rules for each income-tax schedule detail the profits or income to be assessed in that year.
The current-year basis is an accounting principle used for tax assessment in the UK, wherein profits are taxed in a fiscal year based on the profits arising in the accounts for the period ending within that same tax year.
Total income refers to the income of a taxpayer from all sources before any income-tax allowances are applied. This is often referred to as statutory total income and includes income calculated on various bases depending on the source of income. This concept is pivotal for calculating a person's income tax for a given year.
