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personal allowances

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › personal allowances

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
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  • August 10, 2020 at 8:13 am #579791
    sujinkim
    Member
    • Topics: 4
    • Replies: 2
    • ☆

    Hello, sir

    Specimen Q3

    Martin is self-employed, and for the year ended 5 April 2020 his trading profit was £109,400.

    During the tax year 2019-20, Martin made a gift aid donation of £800 (gross) to a national charity.

    What amount of personal allowance will Martin be entitled to for the tax year 2019-20?

    Answer: £8,200 (12,500-(8600/2))

    In my knowledge, a donation to a national charity is the disallowable expense but in this question, I had to deduct it not add back. How can it be?

    Thank you in advance

    August 12, 2020 at 9:05 am #580216
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Have you worked through the study notes and lectures for chapter 2? if the donation had been put through the statement of profit or loss then it would have already been added back in computing the adjusted trading profit of the business – what you show above is a totally separate issue of dealing with a reduction in the PA as the ANI of the taxpayer exceeds 100,000

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