Questions from P6-partial exemption and accounting periods

Home Forums Ask ACCA Tutor Forums Ask the Tutor ACCA F6 Exams Questions from P6-partial exemption and accounting periods

This topic contains 3 replies, has 3 voices, and was last updated by Avatar of Tax Tutor Tax Tutor 2 years, 8 months ago. This post has been viewed 76 times

Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts

  • avatar
    elen75
    Participant
    • Topics: 9
    • Replies: 4

    Q3 June 2011
    Please help me with the basic periods for the second year in both cases for me if is YE 31 March – means short period of accounts, which means that in the second year the period is first 12 months/ or 12 month from 1.07 / starting date/ i.e 01.07-30.06
    if YE 30 June
    the result will be the same for the second period. Long period, last 12 months up to 30 june, which is again 01.07-30.06… So please help me where I am wrong..

    SEcond question-partial VAT exemption

    Why on June 2011 in the answer is recovered VAT attributable directly to exempt suppliers on purchases, which is NEVER recoverable according to all the study texts, i.e these 950 ?

    And if this de minimus test included the amount of Vat to all Exempt purchases+non-attributable overheads, or just amount of non-attributable overheads?


    Avatar of Tax Tutor
    Tax Tutor
    Keymaster
    • Topics: 1
    • Replies: 423

    Firstly basis periods are F6 knowledge so you need to revise these rules. They are rules so don’t try and apply shortcut methods
    Secondly if the irrecoverable VAT is below one of the three deminimus tests it is recoverable.
    Note this is a P6 question on the F6 site


    avatar
    nyanje09
    Participant
    • Topics: 0
    • Replies: 1

    I have tried to figure out how the second year basis works(bases year periog). Can you please help me with understanding the second year rule.


    Avatar of Tax Tutor
    Tax Tutor
    Keymaster
    • Topics: 1
    • Replies: 423

    Please look at OT notes chapter 6 with the video as the you need to see the tutor work through the rules

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic.