Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

Chapter 2 – Income tax computation – ACCA Taxation FA2021 TX–UK lectures

2.1 Introduction to Income Tax Computation [88m]

2.2 Taxation of Non Savings Income [56m]

2.3 Taxation of Savings Income [52m]

2.4  Taxation of Non Savings, Savings and Dividend Income [65m]

2.5  Restriction of Personal Allowance [65m]

2.6 Deductions from Total Income, Gift Aid and Personal Pension Contributions [38m]

2.7 Tax Planning Style Questions [27m]

2.8 Child Benefit Income Tax Charge and Residence [52m]

Reader Interactions

Comments

  1. Hello
    In section 7 of ch. 2 is jointly owned assets. it mentioned the rules allow couples to rearrange the joint income / ownership. May I know the taxpayer can rearrange the % of ownership of each tax year?
    say, 2021/22 is 40:60 and 2022/23 is 30:70 ?

  3. Hi,

    In section 2.5 video on example 15, the last few mins you mention that if it’s higher rate tax you only extend the basic rate limit by the gross gift aid value however in the example 15, it’s a higher tax rate but the rate’s were extended on both basic and higher rate’s?

  5. Hi,
    In lecture video 2.5, example 14, must we always deduct the charity under gift aid system from the net income to access whether PA would be NIL or restricted?

    In a case where the Net income is 128,000 and the gross amount to charity is 8,000, which makes the ANI (128K-120K)= 120,000
    would the PA be restricted to (12570-10000)= 2,570? And what would be the figure of the net income in the Tax computation? Would it be 128,000 or 120,000?

    Like this…
    Net Income 128,000
    Less gross amt to charity (8,000)
    ANI 120,000
    PA. (2570)
    Taxable Income. 117,430

    Or the deduction of the amount paid to charity won’t be reflected in the computation like the way it was in example 14

    Like this…
    Total Income 128,000
    PA. (2570)
    Taxable Income. 125,430

Leave a Reply