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Basis Period

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Basis Period

  • This topic has 3 replies, 2 voices, and was last updated 1 week ago by Tax Tutor.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • January 11, 2021 at 12:19 am #605444
    Burningdesire
    • Topics: 6
    • Replies: 7
    • ☆

    Hi Sir,

    Im just trying to get my head around basis periods, I feel i do understand it but when i go over examples 2, 3 and 4 again from chapter 6 i seem to get confused with overlap profits or how to deal with the second years. I will go through more questions from my KAPLAN text book however I was wondering is this only likely to be an objective question, is it a topic just to gain an understanding or could it be worth a lot of marks in the exam?

    Thanks

    January 11, 2021 at 5:06 pm #605543
    Tax Tutor
    Keymaster
    • Topics: 2
    • Replies: 3473
    • ☆☆☆☆☆

    It is impossible to say whether a specific topic would only appear in a section A question or whether it might appear in section C but the rules for opening and closing years of assessment are core and need to be learned – go back to the lectures to see how the basic rules listed are applied – bottom line you need to learn the rules and practice them!

    January 12, 2021 at 9:42 pm #605672
    Burningdesire
    • Topics: 6
    • Replies: 7
    • ☆

    Thanks for your reply, I understand it now, i just spent more time on it as i didnt want any gaps in my knowledge going forwards. Plus im now mid way through Trade losses and it has helped :). I hope my question didnt sound negative as I didnt mean to sound negative

    January 13, 2021 at 11:39 pm #605751
    Tax Tutor
    Keymaster
    • Topics: 2
    • Replies: 3473
    • ☆☆☆☆☆

    No problem – really pleased you managed to sort it out for yourself! Keep up the good work!!

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