F6 Chapter 09 Assemble Trading Income

1、F6 Chapter 09 Assemble Trading IncomeACCAspace Provided by ACCA Research Institute Copyright ? ACCAspace4 ACCAspace 中国ACCA特许公认会计师教育平台 ACCA F6 Taxation (TX) 英国税法 ACCA Lecturer: Sparrow Liu Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 2 1 Chapter 9 Assemble trading income Contents Copyright ? ACC

2、Aspace ACCAspace 中国ACCA特许公认会计师教育平台 3 Chapter 9 Assemble trading income 1. Basis period ? Link period of accounts to tax year ? General rule - Basis period is the year of account ending in the tax year. - Current year basis of assessment ? Special rule apply to the opening or closing years of a busin

3、ess. Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 4 Chapter 9 Assemble trading income 2. Opening basis year rules ? The first 3 tax year ? First year - Tax year is the year during which the trade commences - The date trade starts to the next 5 April Eg. 1st Feb 2015 open Tax year 2014/15 Basis

4、period 1.2.20155.4.2015 Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 5 Chapter 9 Assemble trading income 2. Opening basis year rules ? Second year Are there accounts ending in tax year 2? Yes No How long they are? <12 months 12 months >12 months Too short take 12 months to anniversary Per

5、fect! Too long scale down to 12 months (to accounts date) Year 2 to default to tax year Year 3 accounts too long Tax year it self! Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 6 Chapter 9 Assemble trading income 2. Opening basis year rules ? Third year - 12 months to the accounting date falling

6、 in the third tax year Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 7 Chapter 9 Assemble trading income Example 1: ? John starts to trade on 1 Jan 2015 ? Accounting date a. 31 May 2015 7 ACCAspace 中国ACCA特许公认会计师教育平台 8 Chapter 9 Assemble trading income Solution to example 1: First year: 14/15 1.1

7、.2015-5.4.2015 Second year: 15/16 a. 1.1.2015-31.12.2015 b. 1.1.2015-31.12.2015 c. 1.2.2015-31.1.2016 d. 6.4.2015-5.4.2016 Third year： 16/17 a. 1.6.2015-31.5.2016 b. 1.1.2016-31.12.2016 c. 1.2.2016-31.1.2017 d. 1.6.2015- 31.5.2016 a. 31 May 2015 ACCAspace 中国ACCA特许公认会计师教育平台 9 Chapter 9 Assemble tradi

8、ng income 3. The final year ? Trade ceases in a. The first year- whole lifespan ACCAspace 中国ACCA特许公认会计师教育平台 10 Chapter 9 Assemble trading income 4. Overlap profit ? Profits taxed twice ? Relieved when a. Change of accounting date ACCAspace 中国ACCA特许公认会计师教育平台 11 Chapter 9 Assemble trading income Examp

9、le 2: Jenny trades from 1 July 2010 to 31 December 2015, with the following results: Calculate the taxable trade profits to be taxed from 2010/11 to 2015/16, the overlap profits and state when these overlap profits can be relieved. Period Profit ? 1.7.10-31.8.11 7,000 1.7.11-31.8.12 12,000 1.7.12-31

10、.8.13 15,000 1.7.13-31.8.14 21,000 1.7.14-31.8.15 18,000 1.7.15-31.12.15 5,600 78,600 Copyright ? ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 12 Chapter 9 Assemble trading income Year Basis period Working Taxable profits ? 2010/11 1.7.10-5.4.11 ?7,000 x 9/14 4,500 2011/12 1.9.10-31.8.11 ?7,000 x 12/14 6,0

11、00 2012/13 1.9.11-31.8.12 12,000 2013/14 1.9.12-31.8.13 15,000 2014/15 1.9.13-31.8.14 21,000 2015/16 1.9.14-31.12.15 ?(18,000+5,600-3,500) 20,100 Solution to example 2: Overlap profits in period 1.9.10-5.4.11, total 7 months, They are ?7,000 x 7/14=3,500, relieved when the trade ceases. Copyright ?

12、ACCAspace ACCAspace 中国ACCA特许公认会计师教育平台 13 Chapter 9 Assemble trading income 5. Change of accounting date ? Short period - 12 months to new accounting date Eg. Sue change accounting date from 31 Dec to 30 June by preparing accounts for the 6 months to 30 June 2015. Basis period: 15/16 1.7.2014-30.6.2015 - Overlap profits ? Long period - Basis period>12 months - End on the new accounting date - Overlap profits can be relieved Eg. Sue change accounting date from 31 Dec to 31 March by preparin