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Major changes – no.
The exams from June 2026 – March 2027 will be based on the Finance Act 2025 and updated notes and lectures should be available from early-mid March 2026.
I assume you have made a mistake with the accounting period and that it should be 6 April 2024 to 5th April 2025 (not March).
The WDA is only ever scaled/time apportioned re the LENGTH of the period, not the length of time the asset has been owned. So if the period is 12 months long, the full 18% WDA is given, even if the asset was purchased on the last day of that period.
If you’re given original cost and the sale proceeds, then you take the lower of the two, but if you’re not told otherwise, assume that all the items were sold for less than original cost.
I assume that the figures you have given are AFTER the PA? Please make it clear in future.
NSI of £40,000:
£37,700 x 20%
£2,300 x 40%SI of £5,700:
£500 x 0%
£5,200 x 40%A word of advice – your basic knowledge on lots of areas seems to be weak. Instead of working through questions (which you don’t seem to be ready for), go back to your tuition materials to work on and strengthen your basic understanding.
Class 1 Primary (employee) and Secondary (employer) are calculated for an earnings period (either weekly or monthly) and so you would use the weekly or monthly limits (so yes, time apportioned).
Class 1A (employer) is calculated on taxable benefits provided during the tax year which will have ALREADY BEEN TIME APPORTIONED to arrive at the taxable benefits figure, so it would just be that figure x rate of Class 1A NIC (i.e. do not time apportion twice).
It’s the Finance Act 2024 for the March 2026 exams.
June 2026 – March 2027 will be based on the Finance Act 2025.
The whole £133,000 can be claimed, which would bring the TTP to zero, but the way the model answer has done it is restrict the loss relief to leave £50,000 of TTP to be taxed at the lower rate of 19% and to preserve as much of the loss as possible to carry forward against profits that would be taxed at the marginal rate (which is higher than 19%). This approach will give the highest amount of tax relief and therefore the most beneficial use of the loss.
CGT takes over any remaining basic rate band that hasn’t been used by taxable income. If PPCs or gift aid donations have been made then the basic rate band is extended, which affects both income tax and CGT.
For the CGT due on gains on residential property, the gain must be declared and the tax due (a POA) must be paid within 60 days of completion of the sale.
You would pro-rate the limits for Class 1 Primary for an EMPLOYEE, but the limits for Class 4 for the SELF-EMPLOYED/SOLE TRADER is never pro rated.
There are no TX-UK notes available for the March 2026 exam.
There will be notes available for the June 2026 – March 2027 exams.Under the cash basis – amount PAID DURING THE PERIOD (no time apportionment) and no 15% disallowance.
Under the accruals basis – amount RELATING TO THE PERIOD (therefore possible time apportionment) but 15% disallowance.
If a VAT registered person is making zero rated supplies, then any input VAT can be reclaimed, but if the purchase is zero rated, then there is no actual input VAT to reclaim.
one more thing the qtn also mentioned that we shld assume all claims nd elections r made. so shld we assume that they made a notional asset transfer election?
YES.
but is this transfer just like how we grp relieve the trading losses or shld an election be made ? like on study hub theres this thing called notional intra grp transfer of assets for which an election shld be made.. is this notional trasnfer nd normal capital loss surrendering 2 different things?
An election needs to be made. A notional transfer means that the companies make an election to have ‘notionally transferred’ the asset which has resulted in the loss (or gain) to another company PRIOR TO DISPOSAL, so that the company to which the transfer is made is deemed to have made the disposal and therefore the gain (or loss) has arisen in that company.
So a company that has a capital gain and a company that has a capital loss – an election can be made to notionally transfer the asset from one company to the other so that the gain and the loss is deemed to have arisen in the same company and can therefore be matched against each other.
Only if they’re in a gains group (minimum 75% link between each company and principal/parent company has more than a 50% effective interest)
According to the information you have provided, SBAs would be available on the cost of the ‘repairs’ in both scenarios.
In future, instead of posting the question and expecting me to provide the answer, tell me what your uncertainty is over the answer that is provided but only after you’ve referred to your study materials and tried to find the answer yourself.
Answer 3 is too vague. ‘A good track record’ is not good enough. The conditions are that the schemes cannot be joined if the person/company is not up to date with its VAT returns and/or payments, and/or the person/company has committed a VAT offence in the last 12 months, for example VAT evasion.
I am happy to answer any questions on areas on which you are unsure, but I am not here to do your homework. Why are you attempting a question for which you do not have the answer? You should be using a revision kit from one of the ACCA approved publishers.
Exemptions are based on the RECIPIENT (donee).
Husband gives asset to wife = exempt
Wife gives asset to husband = exempt
Husband leaves asset to wife on his death = exempt
This is all because the transfers are between SPOUSES.
Wife gives asset to son OR dies and leaves asset to son = NOT EXEMPT as this is not a transfer between SPOUSES. It doesn’t matter HOW the wife acquired it.
I hope this is a simple enough explanation.
