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Example 2 – Chapter 3 help.

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Example 2 – Chapter 3 help.

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Tax Tutor.
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  • Author
    Posts
  • June 7, 2019 at 5:58 pm #519678
    kingkongsajang
    Member
    • Topics: 95
    • Replies: 75
    • ☆☆

    I have looked at the lecture,

    I wanted to know why if a new tenant starts from July 2018 and you didn’t get paid for June 2018 by old tenant, it is 11/12 x £9600 because isn’t the tax year from April 2018 to April 2019?

    therefore from July 2018 to April 2019 is 10 months and rent is paid 1 month in advance so
    its 9 months out of the 12 so – 9/12 x £9600 no?

    June 8, 2019 at 6:12 am #519771
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    The tax year as you should clearly know is from 6 April to following 5 April and rent is received for 11 months of the tax year – all except June!
    The old tenant = 1 month received 1 May 2018
    New tenant = 10 months received 1 July 2018 to 1 April 2019

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