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https://www.iasplus.com/en/standards/ifrs/ifrs9
Initial measurement of financial instruments
All financial instruments are initially measured at fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs
Subsequent measurement of financial liabilities
IFRS 9 doesn’t change the basic accounting model for financial liabilities under IAS 39. Two measurement categories continue to exist: FVTPL and amortised cost. Financial liabilities held for trading are measured at FVTPL, and all other financial liabilities are measured at amortised cost unless the fair value option is applied.
Smith, this is P7 general forum and not ‘P7 tutors forum’. And secondly you didn’t address the tutor in particular. Try being polite to others, it’s a good thing.
let’s ‘suppose’ you’ve a loss of 65000 in 14/15.
income/profit :
15/16 35000
14/15 4000
13/14 50000now, offset against current income and previous yrs income
current yr: 4000 – (4000) = Nil. Personal allowance wasted.
carry back: 50000 – (50000) = Nil. PA wasted.
remaining loss = 65000-54000=11000
carry forward: 35000 – (11000)= 24000 – PA 10000= 14000@20% = 2800 (tax liability)Now, if instead of relieving loss from 14/15, we relieve from 13/14 and 15/16 to save current yrs PA.
carry back: 50000 – (50000) = Nil PA wasted
current yr no loss relieved: 4000 – 4000 PA = Nil
remaining loss= 65000- 50000= 15000
carry forward: 35000- (15000)= 20000 – 10000 PA = 10000@20% = 2000 ( tax liability)So you see it depends when to waste PA to save maximum tax.
Taken from HM’Revenue and customs (www.gov.uk).
Where a claim is made to have the losses set against general income or chargeable gains of a particular tax year they have to be set as far as possible against that income or chargeable gains. In other words it is an ‘all or nothing’ claim and this may result in personal allowances or the annual exemption not being utilised.
After deducting terminal loss from trading loss, whatever trading loss amount is left, offset the loss according to the trading loss relieving rules.
Tutorial note from Kaplan kit: The basis period for the tax year 14/15 runs from 1 Jan 14 ( the end of the basis period for the previous penultimate year) until 30 sept 14 ( cessation of trade)
Loss as per question : 9 months ending 30 september 2014 (1.1.14 – 30.9.14)
Loss of last 12 months: 1.10.13 – 30.9.14
at least my head works! it aint empty like yours. you sent nothing except for ‘hey I think the number ain’t right’ ….yeah as if I don’t know my number?..
Abdullah, majority of us don’t remember much of F6 when preparing for P6. Considering amount of time left, I’d advice you to start with P6 and where you feel you dont remember something from past studies, go through that particular topic..
Hi angelkay, even if people tell you online tuition is great etc etc, who knows your teacher would be great at what he teaches or you’ll be satisfied with his teaching style. You’ve to take a chance or ask somebody trustworthy who has taken tuitions from a good teacher, you may take tuitions from him/her as well. I believe majority of the P6 students are on the same page as yours. I’m one of them. What you should do is, set a time limit for each chapter/questions from kit etc. Be hard on yourself for this month only, finish the syllabus off April, so that by the end of April, all rules, claim dates etc are in your finger tips, that helps in solving questions and wouldn’t take long. Have you made your own short notes? that’s wonderful especially when you’re doing self study. Keep calm. It’ll be okay 🙂
Barzakh, it was meant for mra2z..
and you’ve kept a very unique user Id…I mean not many ppl keep such ids…..
Please, refer to only FA14 provided on ACCA site if you don’t want to buy new text book. It’ll only create confusion if you get into the details like dividends rate before 2013 etc etc. They’re not needed.
It’s for F6 but it has the answer
opentuition.com/topic/over-age-personel-allowance/
cost of 5000 shares = 5000/40,000*110400 = 13800
Disposal proceeds 23600
Less: Allowable cost (13800)
chargeable gain = 9800
Less: Annual exemption amount for 13/14 (10900)
Taxable amount = Nil
