Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Trading profits-Self employment
- This topic has 1 reply, 2 voices, and was last updated 3 years ago by Tax Tutor.
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- July 13, 2020 at 4:15 pm #576724
sir assuming that an unincorporated firm/ self-employed trader has to pay CT on trading profits, does that mean that any interest received as a result of overpayment of CT to HMRC(and vice-versa) will result in interest income under loan non-trade relationship rule??
July 14, 2020 at 10:15 am #576774An unincorporated business DOES NOT pay CT!!
These are the fundamentals that I have told you to focus on and to disregard the tiny issues contained within the detailed study manuals!
A comment like that in the exam tells the marker you lack very basic knowledge!
Leave the study manuals alone, make sure you’ve thoroughly studied the lectures and notes working all the examples – read the examiner’s technical articles working all the examples in them for yourself and not just reading the answers and then practice practice practice from your Exam / Revision kit but again not worrying about the odd individual objective testing questions on fine detailed points – just learn from them, use your study manual to quickly find the answer if you wish but do not spend time on these issues!! - AuthorPosts
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