a question in June 2011 past exam paper of F6(UK)

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June 7, 2012 at 4:12 pm #53183
JingQin
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Hi.
In the answer related to the 1(a)(iii), i cannot understand the calculation of the first payment on account for 2011-2012, why it is the 84,500 multiplied by 50%?
Thank you. Best wishes.
June 7, 2012 at 5:26 pm #99659
Tax Tutor
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Hi JingQin as there are 2 payments on account based on the Tax Payable of the preceding tax year we simply take that Tax Payable figure from the previous part of question (84,500) and divide by 2 (or multiply by 50% if you prefer!).
One other issue, the 84,500 figure is from the original answer so I’m guessing you are using the original exam Q&A probably from the ACCA website which has not been updated to Finance Act 2011 but is still in the original FA 2010 form, This is unwise as the Rates and Allowances have changed along with other legislative changes! You must use material updated for FA 2011!!!
Hope this helps.
June 7, 2012 at 7:11 pm #99660
JingQin
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Many many many thanks.
In the question of (b)(ii), why the assessment for 2011-12 is for the 12 months from when Fyle joins the partnership? At first, I thought it is from 1/4/2011-31/3/2012.
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