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COY losses kaplan exam kit FA21

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › COY losses kaplan exam kit FA21

  • This topic has 2 replies, 2 voices, and was last updated 10 months ago by SukainaKamar.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • March 27, 2022 at 9:23 pm #652069
    SukainaKamar
    Member
    • Topics: 20
    • Replies: 20
    • ☆

    Cairns Ltd has had the following results:
    Year ended 30 June 2021 30 June 2022
    £ £
    Tax adjusted trading profit/(loss) (40,000) 25,000
    Chargeable gains 9,000 45,000
    Qualifying charitable donations paid (2,000) (3,000)
    The company wishes to claim relief for the trading loss as soon as possible.
    For each of the following statements concerning the loss relief claimed by Cairns Ltd select
    whether it is true or false:

    -Cairns Ltd’s taxable total profits in the year ended 30 June
    2022 are £27,000
    -The trading loss may not be offset against chargeable gains.
    -Cairns Ltd must make a claim for any loss relief claimed by
    30 June 2023

    The answers are all False, However isn’t the last statement true? the loss was made in the year end 30 june 2021, so don’t we have to claim within 2 years which is 30 june 2023?

    March 28, 2022 at 2:13 pm #652120
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Agreed – I suspect that once again they have not correctly updated the question / answer

    March 28, 2022 at 6:50 pm #652163
    SukainaKamar
    Member
    • Topics: 20
    • Replies: 20
    • ☆

    Yes i think so to, thank you for confirming

  • Author
    Posts
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