dear sir
i m confused about tax year for december exams . i have read that tax year starts from 6th april and end on 5th april and now when 5th april has passed so i think there is new tax year 2013-14 start . but i see in mostly notes and kit there is no change of finance act and still fallowing ,i m much confused about it why we are using finance act 2012 although december 2013 date found in new tax year 2013-14 plz help me about this issue
Ask the Tutor ACCA TX-UK
confusion about tax year
you are right that the current finance act is 2013 but as far as december 2013 sitting is concerned the finance act that would be examined is finance act 2012
hope this removes your confusion...
Hi mohsin 4314, as per the reply you have received the exams in 2013 are based on the Finance Act (FA) 2012. You would then be instructed in answering an exam question to assume that the rates and allowances for FA 2012 apply also in future years.
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