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The current notes and lectures are good for exams up to and including March 2027.
FA2026 will not be examined until June 2027.
You don’t need to apologise for posting questions; that’s what this forum is for!
Good luck in the exam and let me know when you pass! ?
The notes and lectures are based on the Finance Act 2025 and are good for exams up to and including March 2027.
The increased mileage rate came in in April 2026 (Finance Act 2026) and will be examinable from June 2027 to March 2028.
The normal time limit for commencing an enquiry/compliance check is 12 months after the day on which the return is delivered. If the return is submitted late, the deadline for HMRC to initiate a compliance check is extended to the end of the calendar quarter following the anniversary of the actual filing date of the return. Calendar quarters end on 30 April, 31 July, 31 October and 31 January.
You have an accommodation tie for a tax year if you have a ‘place to live’ in the UK which is available to you for a continuous period of at least 91 days in the tax year, and at least one night is spent there or if it’s the home of a close relative, you spend at least 16 nights there during the year.
The key is ‘available to you for a continuous period of at least 91 days in the tax year’, like your old room in your parents’ house, for example, that you know you can turn up at virtually any time and be able to stay/live there.
Medical insurance is not the same as medical expenses, just as car insurance is not the same as car servicing.
When assets with their own column (private use and SLAs) are disposed of, a balancing charge or balancing allowance arises.
It’s only the main pool and SRP that a balancing allowance can only arise in the period of cessation of the business (coursenotes, page 55)
As soon as possible = all available claims are made.
So trading losses: CY then CB then CFWD.
You mentioned capital losses; capital losses MUST be offset firstly against capital gains of the same period and then any excess is carried forward against future capital gains (automatic, not a claim).
Main pool and special rate pool:
As long as there’s a positive balance after any disposals and the business is continuing to trade, then no balancing allowance is given; the positive balance continues to be written down as normal (even if there are no physical assets remaining).
If there’s a negative balance after any disposals then a balancing charge arises.
A balancing allowance is only ever given on the main pool and the special rate pool in the period that the business has ceased to trade.
With full expensing there’d be nothing left to claim on, either this period or next, as after any AIA is applied, the balance gets a 100% FYA.
Plant = something that performs a function in the business (furniture and furnishings)
Machine = used in the business (fridge and microwave)Imagine a staff room in a business that has those items – they qualify under the rules above.
Most items of P&M go in the main pool unless they specifically have to go in the special rate pool (as per the list in the coursenotes).
For associated companies, you do not multiply through the shareholdings to find the ‘effective interest’. Associated companies are determined by control only (> 50%).
So if X owns 51% of Y, which in turn owns 51% of Z, X’s effective interest in Z (51% x 51% = 26.01%) is irrelevant. Z is controlled by Y which in turn is controlled by X. X tells Y to do something, and Y has to obey, even if it’s something to do with Z, so X directly controls Y and indirectly controls Z.