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Just wanted clarification here
For Income tax, a debt has to be at least 6 months old before it can be written off right?
And this is 6 months from when the payment of the debt was due right?
On a separate point, while I do absolutely love how summarized the open tution study notes are, is there any plan to release pocket (even more summarised) notes for the subjects? For F6 for example you could have a page which summarises how all the types of taxes are administered, their due dates and how they are paid with their penalties. In fact, if you could make such a section on the study notes themselves it would be excellent.
CheersI was just looking through a past paper- June 2015
https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f6/exampapers/uk/F6UK-2015-Jun-Q.pdfQn5 the Impairement debt is less than 6 months old but it hasn`t been added back.
The answer to that paper is here- https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f6/exampapers/uk/F6UK-2015-jun-a.pdfWhy hasn`t the impairment loss been added back even though it is less than 6 months old?
There is no 6 month rule in income or corporate tax – you are confusing this with VAT I think and the recovery of the output VAT charged on the sale that then becomes a bad debt
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