[kinza1997]

Was the asset held for sale after the reporting date?….

I completely missed out on the date…

[kinza1997]

There was a mcq on event after reporting date in section A…
Was the item ‘held for sale’ an adjusting or non adjusting event?…

[kinza1997]

Hi

Sorry for the mistake and thanks for helping out again.
i am grateful to you for your help.

regards

[kinza1997]

hello

thanks for the solution

[kinza1997]

thank you for breaking the solution and making it clearer to me

[kinza1997]

Hi
Thank you for the reply…
Now, it’s clearer to me…

[kinza1997]

thanks for the solution.

i have now better understood the calculation.

[kinza1997]

Hi

Thanks for the reply

so, to obtain the lease payment at the start, we should first add the amount paid at commencement?.

i thought that amount was to be added when calculating the right of use of asset.

[kinza1997]

hello

Sorry for the mistake, will be careful next time.

i understood your calculation but i am having difficulty as the question is on advance instalment so shouldn’t we have calculated bal b/d – payment =subtotal + interest to get the answer.

but i found this question approaching the arrears technique

or i am wrongly understanding the question?

will be thankful if you reply back, Sir

[kinza1997]

add me plz +230 5741 2031

[kinza1997]

hi.
thanks for the help..
i guess i will follow your advice. this is the best option indeed.

[kinza1997]

hi.
thanks for the advice

[kinza1997]

Referring to this question bpp no99
Ceased trading on 31 dec 2019..use of lifo basis
2019/20 trading loss 23100
Property income 12 600
2018/19trading profit 3700
Property income 12 600
Make claim in the most beneficial way

Part Answer is keep 12600 for personal allowances and then deduct loss from 2018 gain of 3700

My issue why it is making use of partial claim or am i making mistake that relief is to be taken from trading income only and not property income or chargeable gain in income tax basis?

[kinza1997]

Dear Sir.
I understand the 4 yr claim..but why does the answer consider 3 additional months?

[kinza1997]

thank you

[kinza1997]

Scenario
Input vat of £14720 was incurred in respect of expenses
In addition to above, long ltd has discovered that it has not been claiming input vat of £18 which it has paid each month since 1 Jan 2014 for hire of a photocopier.
Question is what is the amount of tax recoverable by long ltd for quarter ended 31 March 2020?
Answer is
Expenses= 14720
Hire of photocopier =918
18 *((4yrs * 12= 48 months)+3months )

Refunds of vat are subject to 4 yr time limit so input vat for hire of photocopier incurred during quarter ended 31 march 2020,long ltd can also claim input vat incurred during 1 jan 2016 to 31 dec 2019

Many thanks in advance for replying Sir

[kinza1997]

Plz help

[kinza1997]

hello.
i am also having the same issue.
the new kit will be available in 6 week time and i have already paid for exams
is there any way i can get the kit online in pdf?

[Author]

Posts