ACCA - F6 Taxation (FA2009): Paper F6: Passcards 1st Edition BPP Learning Media - Solutions

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Gary and George 13 mins(a) Gary had employment income of £55,000 for 2009/10. He paid £4,000 into his personal pension scheme.Required Calculate Gary's income tax payable. (2 marks)(b) What would your answer in part (a) be if Gary paid £65,000 (gross) into his personal pension scheme?(2
Azure plc 27 mins The following items have been provided by a UK company, Azure plc, to employees earning more than£8,500 a year.(a) A loan of £16,000 at 1% a year to Mr Andrews on 6 October 2009 which has been used to improve his private residence.(b) A £1,000 interest free loan to Mrs Preece
Employment and self-employment 27 mins Discuss the factors to be taken into consideration when deciding whether a person is employed or selfemployed for the purposes of income tax. (15 marks)
Mr and Mrs Lowrie 27 mins John Lowrie and Helen Lowrie who are both in their thirties are a married couple. Mr and Mrs Lowrie received the following income in 2009/10.Mr Lowrie Mrs Lowrie£ £Salary (gross) 43,540 20,000 PAYE tax deducted 7,400 2,600 Dividends (amount received) 1,090 2,538 Bank
Jane and Chris 13 mins Jane and Chris Bradbury, both in their 30s, had been married for only two years when Chris was killed in a car accident on 6 October 2009.Jane and Chris had worked for the same company each earning £13,500 gross per annum. PAYE of £100 per month was deducted.The couple’s
In 2009/10, he has pension income of £20,100 and receives bank interest of£4,000.Required Calculate Luke's tax liability for 2009/10. (5 marks)(Total = 12 marks)
Mary and Luke 22 mins(a) Mary (aged 25) has partnership trading income of £14,500. She also receives building society interest of £6,400 (net), dividends of £1,800 (net), and pays interest of £2,500 each year on a loan to purchase an interest in the partnership.Required Calculate how much cash
What is the optional flat rate scheme?
The turnover limits for the annual accounting scheme are not exceeding £ m to join the scheme and once turnover exceeds £ m the trade must leave the scheme. Fill in the blanks.
How does the cash accounting scheme operate?
Dylan makes an error in his VAT for the quarter ending 31 March 2010 which results in a net underdeclaration of £5,000. His net VAT turnover for the period is £150,000. How can Dylan correct the error?
What is a default?
How long must a VAT trader keep records?
What relief is available for bad debts?
What input tax is never deductible?
On what amount is VAT charged if a discount is offered for prompt payment?
What is the time limit in respect of claiming pre-registration input tax on goods?
When may a person choose to be deregistered?
What is a taxable person?
On what transactions will VAT be charged?
What is the penalty if a company fails to keep records?A £1,000 B £2,000 C £3,000 D £4,000
State the due dates for the payment of quarterly instalments of corporation tax for a 12 month accounting period.
companies must pay quarterly instalments of their corporation tax liability. Fill in the blank.
When must HMRC give notice to a non-group company that it is going to start an enquiry if the return was filed by the due filing date?
What are the fixed penalties for failure to deliver a corporation tax return on time?
What measures are included in tax legislation against the use of artificial transfer prices?
How best should gift aid donations be allocated in computing credit relief for foreign tax?A Against UK profits first B Against profits generally C Against overseas profits first D Against UK and overseas profits in proportion
A UK company is planning to set up a new operation in Australia that will initially be loss making. It should set up as a branch of the UK company rather than as a subsidiary. TRUE/FALSE?
How can capital gains and losses within a group be matched with each other?
When may assets be transferred intra-group at no gain and no loss?
List the types of losses which may be group relieved.
Why might a company make a reduced capital allowances claim?
To what extent may losses be carried back?
Against what profits may trading losses carried forward be set?A Against all trading profits B Against total profits C Against profits from the same trade D Against trading profits and gains
H Ltd sells a warehouse for £400,000. The warehouse cost £220,000 and the indexation allowance available is £40,000. The company acquires another warehouse ten months later for £375,000. What is the amount of rollover relief?
What are the share matching rules for company shareholders?
Indexation allowance runs from the date of to date of . Fill in the blanks.
A company is entitled to an annual exemption against its chargeable gains. TRUE/FALSE?
What effect do associated companies have on the corporation tax computation?
What is an associated company?
What is the marginal relief formula?
Companies are entitled to the small companies' rate of corporation tax if they have profits of up to£ . Fill in the blank.
How are trading profits (before capital allowances) of a long period of account divided between accounting periods?A On a receipts basis B On an accruals basis C On a time basis D On any basis the company chooses
Should interest paid on a trading loan be adjusted in the trading income computation?
What is the difference between a period of account and an accounting period?
When does an accounting period end?
Which body hears tax appeals?
What is the maximum penalty for failure to keep records?
What surcharges are due in respect of income tax payments on account that are paid two months after the due date?
What are the normal payment dates for income tax?
By when must a taxpayer normally file a paper tax return for 2009/10?A 31 October 2010 B 31 December 2010 C 31 January 2011 D 5 April 2011
A taxpayer who has not received a tax return must give notice of his chargeability to capital gains tax due in 2009/10 by . Fill in the blank.
What is a qualifying corporate bond?
Sharon acquired 10,000 share in Z plc in 1986. She takes up a 1 for 2 rights offer in May 2009. How many shares does Sharon have in her share pool after the takeover?
In July 1995 an individual acquired 1,000 shares. He acquired 1,000 more shares on each of 15 January 2005 and 15 January 2010 in X plc. He sells 2,500 shares on 10 January 2010. How are the shares matched on sale?
In what order are acquisitions of shares matched with disposals for individuals?
List the conditions for deferring gains on the incorporation of a business.
Which disposals of shares qualify for gift relief?
What deferral relief is available when a business asset is replaced with a depreciating business asset?
Alice sells a factory for £500,000 realising a gain of £100,000. She acquires a factory two months later for£480,000. How much rollover relief is available?A £20,000 B £60,000 C £80,000 D £100,000
Patrick has been running a trading business for five years. In 2009/10 he sold the business to Andrew realising gains of £75,000. Patrick has already used his annual exemption for 2009/10. He had not made any previous claim for entrepreneurs’ relief. What is Patrick's CGT liability?
The maximum letting exemption is A £30,000 B £40,000 C £60,000 D £80,000
For what periods may an individual be deemed to occupy his principal private residence?
How are losses on non-wasting chattels sold for less than £6,000 restricted?
How are gains on non-wasting chattels sold for more than £6,000 restricted?
Emma drops and destroys a vase. She receives compensation for £2,000 from her insurance company.How can she avoid a charge to CGT arising?
10 acres of land are sold for £15,000 out of 25 acres. Original cost was £9,000. Costs of sale are £2,000.Rest of land valued at £30,000. What is the total amount deductible from proceeds?A £2,000 B £2,872 C £5,000 D £5,600
At what rate or rates do individuals pay CGT?
To what extent must allowable losses be set against chargeable gains?
What is enhancement expenditure?
On what assets does a UK resident pay CGT?
Give some examples of chargeable disposals.
How are Class 4 NICs calculated?
Class 2 NICs are paid by an employer. TRUE/FALSE?
On what are Class 1A NICs based?
What national insurance contributions are payable by employers and employees?
Pete and Doug have been partners for many years, sharing profits equally. On 1 January 2009 Dave joins the partnership and it is agreed to share profits 40:40:20. For the year ended 30 June 2009 profits are£100,000.Doug's share of these profits is:A £42,500 B £45,000 C £47,500 D £50,000
Yolanda and Yan are in partnership sharing profits 80:20. For the year ended 31 December 2009 the business makes a loss of £40,000. If Yan decides to use his share of the loss against general income what loss relief(s) can Yolanda claim?
Janet and John are partners sharing profits 60:40. For the years ended 30 June 2009 and 2010 the partnership made profits of £100,000 and £150,000 respectively. John's taxable trading profits in 2009/10 are:A £30,000 B £40,000 C £50,000 D £60,000
What loss reliefs are partners entitled to?
How are partnership trading profits divided between the individual partners?
Terminal loss relief can be given in the year of and then in the preceding years, years first. Fill in the blanks.
Joe starts trading on 6 April 2009, having previously been employed for many years. He makes a loss in his first year of trading. Against income of which years can he set the loss under early trade loss relief?
Maggie has been in business for many years and has always made profits of £10,000 each year. She has no other income apart from savings income of £2,000 in 2009/10 only. Maggie makes a loss of £(28,000)in 2009/10 and expects to make either a loss or smaller profits in the foreseeable future. How
Against which years' general income may a loss be relieved, for a continuing business which has traded for many years?
When a loss is to be relieved against general income, how are losses linked to particular tax years?
Against what income can trade losses carried forward be set off?A General income B Non-savings income C Any trading income D Trading income from the same trade
On what two occasions can overlap profits potentially be relieved?
Isabella started trading on 1 September 2009. She made up her first set of accounts to 31 December 2010. The basis period for the year of commencement is:A 1 September 2009 to 31 December 2009 B 1 September 2009 to 5 April 2010 C 1 September 2009 to 31 August 2010 D 1 September 2009 to 31 December
What is the normal basis of assessment?
What is the writing down allowance on industrial buildings?
Paula makes up accounts to 5 April each year. She buys a car in August 2009 costing £20,000 for use in her business. Her private use of the car is 30%. The CO2 emissions of the car are 170g/km.What WDA is available on the car for the year ended 5 April 2010?A £1,400 B £2,000 C £2,800 D £4,000
An asset must be disposed of within years of the end of the accounting period (or period of account) in which it was acquired in order for it to be advantageous to treat it as a short life asset. FILL IN THE BLANK.
When may balancing allowances arise?
Are first year allowances pro-rated in a six month period of account?
Lucas makes up accounts for a 15 month period to 30 June 2010. What Annual Investment Allowance is he entitled to?A £12,500 B £37,500 C £50,000 D £62,500
Writing down allowances are pro-rated in a six month period of account. TRUE/FALSE.
Pre-trading expenditure is deductible if it is incurred within years of the start of trade and is of a type that would have been deductible if the trade had already started. Fill in the blank.
No adjustment for taxation is required to the accounts for deduction of a trader's salary. TRUE/FALSE?
What are the remoteness test and the duality test?

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ACCA - F6 Taxation (FA2009): Paper F6: Passcards 1st Edition BPP Learning Media - Solutions

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