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Property Income and Investments: Individuals (part 2) ACCA Taxation (TX-UK) FA2018

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Reader Interactions

Comments

  1. neck says

    February 3, 2020 at 9:45 am

    Hi sir can you explain to me on example 2 which month is the starting year thanks

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  2. gayathrivinod says

    January 17, 2020 at 10:53 am

    Hello Sir,
    Can you please help me out what you mentioned in the example 2 about insurance. The question is following the cash basis method.. But you said that if it was the accrued basis.. the previous year insurance would have been taken .. how and why should we consider it in 18/19 as it is already paid in 2017 ?

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  3. mubi05 says

    January 3, 2020 at 12:35 am

    Hello sir
    Please help me out how you calculated 11 months as they mentioned tenant vacated in June and sod managed let The property from 1 of July ?
    Regards

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    • martindeo says

      January 9, 2020 at 7:50 am

      Hi,

      The rent is payable in Advance, meaning June’s rent was due 1 June. The tenant did not pay on that date and left the property without paying the June month rent. The new tenant only came in in July. Therefore June rent was not received, meaning only 11 months were received.

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  4. yishion says

    November 29, 2019 at 8:19 am

    Hello sir, i am attending the exam in March 2020, the deductible amount of finance expense should be25% right? As that will be 2019/20 tax year i guess.

    Thank you sir?

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    • raoahsan says

      December 27, 2019 at 4:40 pm

      Not the sir but hopefully I can help you, So no if you take exam in march 2020 then you would still use 18/19 tax year as tax year 19/20 will start from 1st april. so finance expense allowable will be 50%

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  5. bintetauqeer says

    August 5, 2019 at 10:13 am

    Good day Sir
    I did not understand how in example 2 you took 11 months of rental income for the start of tax year 2018/19 will be 6 april 2018 and the tenant vacated property in june 2018.

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    • kronos4230 says

      January 16, 2020 at 9:39 pm

      Rent for the month of April and May were received. Rent for the month of June alone was not received. Therefore, 11 months. April 6, 2018- April 5, 2019.

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