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Income tax & corporation tax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Income tax & corporation tax

  • This topic has 5 replies, 3 voices, and was last updated 11 years ago by Tax Tutor.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • November 11, 2014 at 7:16 pm #209186
    mahboba
    Participant
    • Topics: 14
    • Replies: 9
    • ☆

    Hi there,
    differences between Income tax & corporation tax in these cases
    * property income
    * Tax adjusted trading profit ( is it same for both? any differences in calculation?)
    * Interest income
    * Qualifying Charitable Donations

    November 12, 2014 at 3:49 pm #209379
    mahboba
    Participant
    • Topics: 14
    • Replies: 9
    • ☆

    @mahboba said:
    Hi there,
    differences between Income tax & corporation tax in these cases
    * property income
    * Tax adjusted trading profit ( is it same for both? any differences in calculation?)
    * Interest income
    * Qualifying Charitable Donations

    November 13, 2014 at 6:18 pm #209803
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Read chapters 2,3,4 and most importantly 15 of the OT course notes!

    November 13, 2014 at 7:14 pm #209822
    mahboba
    Participant
    • Topics: 14
    • Replies: 9
    • ☆

    thank u 🙂

    November 15, 2014 at 6:54 pm #210284
    favour
    Member
    • Topics: 11
    • Replies: 33
    • ☆

    Please sir, kindly clerify me on the points that:

    31 January 2019 is the 5 years of 31 Jan 2015 which is the filing date for 2013/14.

    Also on 31 Jan 2016 being one year of the filing date of 2013/14 tax year.

    Records must be retained until five years after the filing date, which is 31 January 2019 for the year 2013/14 if the tax payer is a business or has properties to let. However records must be retained for only one year after the filing date, which is 31 January 2016 for the year 2013/14 if not in business.

    November 16, 2014 at 1:40 pm #210442
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    The principles you quote are indeed correct but I think there is also an updating error here in the material as I think 5 years from 31 January 2015 (filing date for 2013/14) should be 31 January 2020.
    Thank you for bringing this to my attention!

  • Author
    Posts
Viewing 6 posts - 1 through 6 (of 6 total)
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