Hi , can anyone give me some explanations about no. 6,8 and 9 no MCQ question in specimen paper.
6. > why it has taken October 1 to march 31 period
8> Why it is 20/80?
9> why only 4? why not 2?
Thanks in advance.
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Questions regarding ACCA specimen paper MCQ 6,8,9
Q.6 The company is "not large" and therefore should pay its corporation tax 9 months and one day after the end of the accounting period. The accounting y/e is 31 December 2014 so the tax is due 1 October 2015 but was not paid until 31 March 2016
Q.8 The donor pays the IHT so it is therefore a net transfer meaning that tax will be payable at 25% (20/80) on the amount of the net transfer in excess of the nil rate band
Q.9 The small gifts exemption is a total of £250 per person per tax year. The gifts to Winnie in the tax year TOTAL more than 250 so neither gift is covered by the exemption
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