ACCA F6 UK lectures Download F6 notes
ACCA F6 Tax Adjusted Trading Profit Individuals part 2
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can someone explain why from that profit, Capital Allowance was deducted instead of Personal Allowance, f it is self employed – unincorporated tax payer
i think i know, when we buy an asset we are able to deduct capital allowance from profit, but is it mean that after computing Adjusted Trading Profit we use it to calculate tax self assessment exactly how we did in previous chapter :non savings, savings, dividend etc ?
that’s correct, capital allowance is used in computing the trading profit and once is done, you apply personal allowance to determine taxable profit.
Where are these practice questions for F6 he keeps mentioning?
the practice questions are at the end of the downloaded Lecture notes in my copy page 213 to 226. the answers follow up to page 254. hope this helps you
Hello, can you please explain point (p). why do you have to add back the item as a sale at market value when an owner moves goods from business for his own use? thank you
Add back market value if the cost of item is not accounted in the accounts.
Add back the lost profit (i.e. sale of market value – cost of goods) if the cost of item is accounted in the accounts.
In the example, the item is not accounted in the account, so we need to add back the market value of 650.
Thanks for the lectures, its very helpful
why 250 pounds included into Accountancy fees in respect of capital gains computation is commented as ”private”?? and so disallowed. Comment please.
@ Rustam – there is a comment below note 3 which says : included in the accountancy is 250 in respect of capital gains tax computation…since the CGT computation is not for the business it is private hence not allowable so it has to be added back
This will be my third attempt to this paper. Any suggestions and how to pass this time?
Why should the Tax Adjusted Accounts be made for year ending 31st May 2015 when the tax year (on which tax will be computed) ends on 5th April 2015. Shouldn’t it be drawn for the period 1st June 2014 to 5th April 2015 (or 31st March 2015) ?
The rule that applies is: charged as if incurred at commencement.
Sir, what if the wife was paid under the commercial rate, say, 10,000 pounds?
I believe there will be a closer than arms length negotiation, so in that case the spouse is more likely than not to get a pay above the commercial rate.
great work