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Hi Tutor,
Thanks for explaining the TX subject in an easy manner.
Q 48 Kaplan Mar 2022(FA2020) exam kit
For the following question it is asking the net income so what is that net compared with the taxable income and how it differs from the taxable income .
what I should look for for doing it.Thanks,
48 Brooke had been trading profitably as a sole trader for many years. However, in the year ended 31 August 2019 she made a trading loss of £65,000.
Brooke has the following income in the tax year 2020/21:
£
Trading profit for year ended 31 August 2020
12,000
Dividend income
9,000
Property income (furnished holiday accommodation)
4,000
NS&I savings certificate interest
1,000
What is Brookes’ net income for the tax year 2020/21 assuming she carries the trading loss forward?Firstly The Kaplan exam kit you are using – STOP!
It’s out of date and many of the rules have changed.
You need a FA 23 text bookOk I will buy one soon.
but can you tell me the difference between the taxable and this net income .
Thanks,
Excellent – it will really help your studies and any further questions please get in touch
Hi,
But can I know the answer for my question about the difference between the net income required in question and the taxable income.
Thanks,Hi
Will it differ if I buy Bpp or Kaplan exam kit for the TX subject (FA 23)
Thanks
Total income is all the income added together
Net income is after qualifying interest and losses and taxable income is after PA – check out the proforma in chapter 2
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