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business property corporate tax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › business property corporate tax

  • This topic has 1 reply, 2 voices, and was last updated 7 months ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • November 9, 2021 at 5:02 pm #640307
    shaunak22
    • Topics: 195
    • Replies: 32
    • ☆☆☆

    Solo Ltd lets out a warehouse which is surplus to requirements. The building was empty from
    1 April to 31 July 2020, but was let from 1 August 2020 onwards. The following income and
    expenditure was received or incurred during the year ended 31 March 20

    Date received/paid
    £
    1 April 2020 Insurance for the year ended 31 March 2021 (920)
    1 August 2020 Rent for the six months ended 31 January 2021 7,800
    1 August 2020 Security deposit equal to two months’ rent 2,600
    1 March 2021 Rent for the six months ended 31 July 2021 7,800

    ANSWER TO THE ABOVE QUESTION
    £
    Rent receivable £(7,800 + (7,800 ? 2/6)) 10,400
    Security deposit 0
    Less Insurance (920)
    Property business income 9,480

    DOUBT –

    In the answer they have adjusted the rent receivable for 8 months but they have taken the insurance for the whole year why haven’t they apportioned the insurance for 8 months??

    November 9, 2021 at 9:53 pm #640325
    Tax Tutor
    • Topics: 2
    • Replies: 3927
    • ☆☆☆☆☆

    The insurance cost IS for 12 months!

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