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Benificial Loan

Forums › ACCA Forums › ACCA TX Taxation Forums › Benificial Loan

  • This topic has 4 replies, 4 voices, and was last updated 10 years ago by cheychey21.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • November 26, 2014 at 9:02 pm #213592
    Sharfin
    Member
    • Topics: 11
    • Replies: 17
    • ☆

    which and why should the following be regarded as benefit?
    Avg method
    precise method…

    November 26, 2014 at 9:16 pm #213597
    Pooja
    Participant
    • Topics: 3
    • Replies: 19
    • ☆

    As a person …I would like to save tax….so I would select the method giving less benefit amount.

    And as hmrc ….I would like to get more tax ….so I would select the method which gives more benefit amount.

    In exam u need to calculated via both the methods and select the one which gives less amount if the tax payer is doing the self assessment. ( my opinion)

    Hmrc will only interfere which the difference is big….or else nt….

    November 26, 2014 at 9:28 pm #213598
    Sharfin
    Member
    • Topics: 11
    • Replies: 17
    • ☆

    Thank you 🙂

    November 27, 2014 at 5:29 pm #213901
    Kyaw
    Member
    • Topics: 31
    • Replies: 37
    • ☆☆

    You should calculate both methods in the exam but always select strict method. If avg method gives higher amount the taxpayer will choose the strict method. If avg method gives smaller amount hmrc will choose the strict method.
    If there is no repaidment, you only need to calculate the strict method.(avg method is not required )

    December 1, 2014 at 4:59 pm #215241
    cheychey21
    Member
    • Topics: 2
    • Replies: 15
    • ☆

    average method is automatically applied. strict method is used if the tax paper has elected to use this method.

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