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Hi, I was wondering if the income tax and corporation tax computations will definitely be required for the F6 paper?
You most definitely need to be able to prepare both computations as the two written 15 mark questions in section C of the exam are on income tax and corporation tax. This does not necessarily mean that the full computations will be tested of course in these questions but it would be foolish not to be prepared to do so!
Okay, so income and corporation tax computations are required – but in terms of full computation let’s say about corporation tax, would we be required to do Profit and Loss, Balance Sheet, Notes, etc. or just a basic computation?
Many thanks in advance.
This is a tax paper not an accounting paper – of course you will not have to prepare financial statements – have you started your F6 studies yet?
I have started my F6 studies, but sadly have done very little revision and which is why I need a clarification about the corporation tax computation.
I would greatly appreciate if you could explain to me the difference between a tax and an accounting paper.
And also, what preparations are needed for the corporation tax computation as the way I see it being Profit and Loss, Balance Sheet, Detailed Profit and Loss, etc.
Please do forgive if I have been able to talk nonsense, but I really want to get a clear picture about this.
Many thanks sir.
When are you intending to sit the F6 exam? Have you worked through the OT course notes and lectures – I can only assume not by the question you have posed as you would know about the adjustment of profit exercise and preparation of the Corporation Tax Computation.
Work through the OT lectures first is my best advice!
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