• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Ask AI
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

20% off ACCA & CIMA Books

December 2023 - June 2024 exams:
Get your discount code >>

overlap profits

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › overlap profits

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • August 9, 2022 at 10:08 am #662763
    hm1995
    Participant
    • Topics: 61
    • Replies: 15
    • ☆☆

    i do not understand the concept/logic behind why in the first year of trading, the profits are portioned from the date of commencement till the end of tax year.

    for ex. if trade has commenced on 1 jan 2019 and prepares the account on June 2020 with profit of 50000. then the profit is apportioned into (3/6)*50000= 25000 to assessed for tax year 2018/19. and again the whole of profit 50000 is assess again in the tax year 19/20.

    why not just assess the whole of 50000 in the tax year of 19/20 when received like its done on normal basis. why apportion in this way. im missing the logic behind it

    August 12, 2022 at 3:00 pm #662962
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    It’s not about logic and what you think should be done – it is simply about following the prescribed rules as shown in the lectures and study notes.
    Your question suggests that you have not watched the lectures?

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA Qualification syllabus changes for 2023/24

Need verifiable CPD for 2023? 21 units of FREE CPD on offer from ACCA

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

PQ Magazine

Latest Comments

  • Nikhilkateja1 on Basic group structures – SPLOCI introduction and example – ACCA (SBR) lectures
  • Ken Garrett on Fraud, bribery, whistle-blowing and company ethics – ACCA Strategic Business Leader (SBL)
  • QueenDynamite on Impairments – Impairment (CGU) – ACCA Financial Reporting (FR)
  • nivay on Management of Working Capital  – Introduction – ACCA Financial Management (FM)
  • jordanmccord96 on Chapter 24 – Inheritance Tax – ACCA Taxation (TX-UK) lectures

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in