- This topic has 143 replies, 37 voices, and was last updated 9 years ago by
.
- Posts
I was not prepared well enough , even i did not open the exam kit or past papers , even by reading the notes i found the papers was not difficult, it was me who was not prepared still manage to attempt all questions, a well prepared student can get through this papers easily.
- Topics: 0
- Replies: 52
- ☆☆
@adski989 said:
I cant see them on the acca website?Its on this website only, just next to the poll option
While working on the terminal loss in Q1, going through all the comments, I have noticed no one mention about calculating the fiscal year loss as the last period was of 5 Months.As for individuals the terminal loss is calculated for the period of 12 Months.So there require to break the 12 months as 2 Months following the fiscal year and 10 months prior to the fiscal year to calculate the terminal loss.. As there will be (24,500)+3000*7/12 = 22750 will be included in the calculation of terminal loss which will be carry back in 3 years in FIFO Basis and adjusted through income of same trade!!
While working on the terminal loss in Q1, going through all the comments, I have noticed no one mention about calculating the fiscal year loss as the last period was of 5 Months.As for individuals the terminal loss is calculated for the period of 12 Months.So there require to break the 12 months as 2 Months following the fiscal year and 10 months prior to the fiscal year to calculate the terminal loss.. As there will be (24,500)+3000*7/12 = 22750 will be included in the calculation of terminal loss which will be carry back in 3 years in FIFO Basis and adjusted through income of same trade!!
It was my understanding that it is the final 12 months, but you don’t use months from the year before if they are profits.
Did anyone apply ER to the sale of the business property as an associated disposal?
- Topics: 0
- Replies: 14
- ☆
Hey terminal loss is offset on LIFO basis
It was my understanding that it is the final 12 months, but you don’t use months from the year before if they are profits.
Did anyone apply ER to the sale of the business property as an associated disposal?
Nop you have to, yes you are right LIFO basis my typo error..initial year losses i.e. S-72 can be offset via FIFO basis.
My terminal loss value was also around 22500 or maybe it was 22750 and it’s carried back 3 years on LIFO basis.
- Topics: 0
- Replies: 52
- ☆☆
@matty557 said:
It was my understanding that it is the final 12 months, but you don’t use months from the year before if they are profits.Did anyone apply ER to the sale of the business property as an associated disposal?
Which question are u talking about??
- Topics: 0
- Replies: 52
- ☆☆
@huzaifa5152 said:
While working on the terminal loss in Q1, going through all the comments, I have noticed no one mention about calculating the fiscal year loss as the last period was of 5 Months.As for individuals the terminal loss is calculated for the period of 12 Months.So there require to break the 12 months as 2 Months following the fiscal year and 10 months prior to the fiscal year to calculate the terminal loss.. As there will be (24,500)+3000*7/12 = 22750 will be included in the calculation of terminal loss which will be carry back in 3 years in FIFO Basis and adjusted through income of same trade!!But why will we include previous tax year’s trading profit??
We always start from the final tax year and then we take into the loss i guess 😛
- Topics: 0
- Replies: 52
- ☆☆
@matty557 said:
Hershey – in Q1 where she sold her business premises.Yeah ER relief was applicable.
But why will we include previous tax year’s trading profit??
We always start from the final tax year and then we take into the loss i guess ????
Hershey: Brother, for individuals when you are calculating terminal loss it’s a loss for a 12 Months period!!
- Topics: 0
- Replies: 52
- ☆☆
@huzaifa5152 said:
But why will we include previous tax year’s trading profit??We always start from the final tax year and then we take into the loss i guess ????
Hershey: Brother, for individuals when you are calculating terminal loss it’s a loss for a 12 Months period!!
Sister* 😛
Well it is final 12 months, but if its profit in previous period then we don’t include in the calculation.
- Topics: 0
- Replies: 52
- ☆☆
The P6 (UK) June 2015 answers has been released.
🙂
- The topic ‘*** P6 June 2015 Exam was.. Instant Poll and comments ***’ is closed to new replies.