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@Asad Ali Niz
Request you to reschedule your session, since it would coincide with my session at 4.30 (BST) or 21.00 (India time) on saturday 11th Aug.
Regards
Appologies for misunderstanding. Session is on 11th Aug Saturday 2012.
Quiet happy to hear good news, even I completed my F6 paper this attempt.
Sorry guys,
I messed with date. The session will be held on Saturday 11 Aug 2012 at Chat room F9.
Regards
Rajyour explanation for unicorporated business is correct.
However for corporated business you need to prepare two capital allowance calcuation. other your answer wont be correct. I.e. you cant do 12/15 or 3/15.
Hope it helps
Regards
RajUnincorporated busines you need to upscale (i.e. increase the capital allowance for 16 month), so you dont divide WDA or AIA into two parts.
However for Incorporated business WDA & AIA is broken into two parts i.e. 12 months + 6 months and two calculation are done for each Chargeable accounting period (CAP).
Hope it helps
Raj-Corporate Tax Liability means Total amount of tax due to be paid to HMRC
– Corporation Tax Payable means Corporate Tax liability less Tax paid
Same applies to Income Tax.
Regards
RajHi Guys,
I would be starting session for f9 from 10/08/2012.
For each weekend we will consider two chapter. Sessions details are as followsFinancial management function
1. The nature and purpose of financial management
2. Financial objectives and relationship with corporate strategy
3. Stakeholders and impact on corporate objectives
4. Financial and other objectives in not-for-profit organisationsTime – 4.30 PM (GMT)
Place – Opentution Chat room F9
Day – 10 Aug SaturdaySince this is first session, I am consider only to study first chapter as per ACCA study guide. Please note that above points are as per ACCA Study guide.
I hope everyone would study and come with questions.
Regards
RajQuiet nice fair and easy paper.
Hope tomorrow we should get similar kind of paper for f7. 😀 fingers crossedHi there
As name suggest, rollover relief is a relief to defer the capital gain. This is done by reducing the gain from the base cost of new asset purchased. While you do calculation you have reduce the cost of new asset by the gain to get the new tax base cost which would be used in future capital gain calculation.
However, Holdover relief is something which is not deducted from the base cost of asset, however it is tracked separately and if new asset is sold within 10 years then along with gain on new asset, holded gain would also be chargeable.
If a new asset is not sold within 10 years this holdover relief get chargeable automatically.Hope it helps
RajIts always better to show the workings, so that examiner can follow you how you got a particular number,
Even though if your final answer is not correct, you still score marks for showing the calculation and format.There are two things here to be considered.
1) income tax: – if your friend doesnt have any other income. I would suggest that to just file a self assessment return. Even though there wont be any penalty, since tax due would be nil.
2) As you have mentioned that your friend has set up a company, it would be better to send a VAT invoice to them for there records, even if service is zero rated.
Hope it helps.
RajI dont think that losses can be transferred between unincorporated business and companies.
However two companies can transfer loss if they are part of 75% group controlled by unincorporated company.
Hope its helps.
RajIndustrial building has been phased out from legislation. As such IBA is not part of june 2012 syllabus.
Regards
RajHi,
Any increase or decrease in Financial instrument is charged to income statement. As such it would affect retained earnings.
Thats the reason it has been considered within retained earning.Hope this helps.
RajAs you mentioned in the question itself that issue cost is eligible for tax relief. so it would shown as deduction while calculating income for the current year.
As such there wont be any deferred tax on this issue cost. So dont worry about this.
Deffered tax will be – ZERO
Current tax will be reduced by = 1m x tax rateHope it helps.
Raj
