ACCA F6 FA09 Study Text 2010
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Answers to practice questions
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(b) Interest on underpaid tax
£ from To
1
st
POA 7,000 31 January 2010 13 February 2010
100 31 January 2010 27 January 2011
2
nd
POA 7,000 31 July 2010 17 August 2010
100 31 July 2010 27 January 2011
Balancing payment
2,880 No interest as paid before due date
46 Registration
(a) Compulsory registration
12 months ended
Workings Taxable supplies
£
31 August 2009 (12 × £3,500) 42,000
30 September 2009 £42,000 - £3,500 + £7,300 45,800
31 October 2009 £45,800 - £3,500 + £9,600 51,900
30 November 2009 £51,900 - £3,500 + £10,900 59,300
31 December 2009 £59,300 - £3,500 + £12,500 68,300
Deborah exceeded the £68,000 threshold on 31 December 2009.
She must notify HMRC by 30 January 2010 (i.e. 30 days after the end of the
month in which the threshold is exceeded).
She must start to charge VAT from 1 February 2010 (i.e. the first day of the
month following the end of the month in which the threshold is exceeded).
(b) Pre-registration input tax
Deborah will be able to recover the pre-registration input VAT incurred on the
purchase of goods or fixed assets used for business purposes if still held at the
date of registration and purchased within three years of registration.
She will also be able to recover the input VAT on services supplied to her in
the six months before the date of registration.
47 WX Ltd
VAT return for the quarter ended: 31 March 2010
£
Out
p
ut VAT
Standard rated sales (£201,230 × 7/47) 29,970
In
p
ut VAT
Purchases of
g
oods (£41,525 × 7/47) (6,185)
Distribution ex
p
enses (£10,000 × 7/47) (1,489)
Other ex
p
enses (£16,825 × 7/47) (2,506)
Purchase of
p
lant machiner
y
(£35,000 × 7/47) (5,213)
Bad debt relief (not six months old) (Nil)
–––––––––––––––––––––––––––––––––––
Amount payable to HMRC 14,577
–––––––––––––––––––––––––––––––––––
Due date: 30 April 2010
Paper F6 (UK): Taxation FA2009
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Notes
(1) Employment costs are outside of the scope of VAT.
(2) Input VAT on entertaining and the motor car is blocked.
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Paper F6 (UK)
Taxation FA2009
i
Index
A
Additionalvoluntarycontributions 212
Adjustmentofprofit 103
Annualaccountingscheme 420
Annualallowance 211
Annualinvestmentallowance 124
Appeals 392
Appropriationsofprofit 105
Approvedmileageallowances 83
Associatedcompanies 292
Associatedcompanies 368
Averagemethod 89
B
Badgesoftrade 98
Balancingallowances 130
Balancingcharges 130
Beneficialloans 89
Blockeditems 415
Bonusissues 253,328
C
Capitalallowances 121
Capitalexpenditure 107
Capitallosses 230
Cars 137
Cashaccountingscheme 420
Cashearnings 217
Changeofaccountingdate 164
Chargeableaccountingperiod 281
Chargeabledisposal 226
Chargeableperson 226
Chattels 238
Choiceofaccountingdate 163
CivilPartnershipAct2004 52
Class1NICs 216
Class1ANIC
s 220
Class2NICs 222
Class4NICs 222
Closingyearrules 161
Companycar 78
Compensation 241
Connectedperson 229
Contractforservices 68
Contractofservice 68
Corporationtaxreturn 387
Currentyearbasis 154
D
Damagedassets 244
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Deemedoccupation 274
Defaultinterest 427
Defaultsurcharge 426
Depreciatingasset 261
Deregistration 411
Determinationassessment 392
Directtaxation 25
Directors 74
Disallowableexpenditure 106
Discoveryassessment 392
Dispensations 93
Donations 108
Doubletaxationrelief 360
E
Earningsperiod 217
Employmentincome 67
Enhancementexpenditure 230
Enquiries 390
Entertainingexpenses 93,110
Entrepreneurs’relief 258
Errors 427
Exemptassets 226
Exemptbenefits 73
Exemptincome 38,115
Exemptinterest 36
Exemptsupplies 404
Expensiveaccommodation 86
Extra‐StatutoryConcessions 28
F
FinancialYear 286
Fines 110
Firstyearallowances 124
Fiscalyear 33
Flatratescheme 422
FrankedInvestmentIncome 286
Fuel 81
Functionaltest 123
Furnishedholidaylettings 59
g
GiftAid 47,306
Giftrelief 265
Gifts 110
Gilt‐edgedsecurities 248
Gilts 248
GiveAsYouEarn 92
Grouplossrelief 370
H
HMRCenquiry 390
Hotels 150
I
Impairmentlosses 417
Incometaxliability 45
Incometaxpayable 45
Incometaxreturn 388
Incorporation 193,270
Incorporationrelief 271
Independenttaxation 52
Indexationallowance 319
Indirecttaxation 25
IndividualSavingsAccounts 36
Industrialbuildings 148
InputVAT 406,415
Insurance 241
Integralfeatures 134
Interestpayable 108,298
Interestpa
yments 37
Interestreceivable 298
Intra‐groupdividends 287
Intra‐grouptransfers 380
J
Job‐relatedaccommodation 84
Index
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L
Largecompany 394
Leasingcosts 109
Legalandprofessionalfees 109
Lettingrelief 276
Lifetimeallowance 211
Limitedliabilitypartnerships 206
Listprice 79
Livingaccommodation 84
Loanrelationships 298
Longlifeassets 134
Longperiodsofaccount 145,311
Lowerpaidemployees 75
M
Mainpool 128
Marginalrelief 288
Marriedcouples 52
N
Netrelevantearnings 210
Nominalrentleases 59
O
Occupationalpensionscheme 212
Openingyearrules 155
Ordinaryresidence 226
OutputVAT 406,414
Overlapprofits 156
Overlaprelief 166
Overseasbranch 358
Overseassubsidiary 359
P
P11Demployees 74
Partdisposals 236
Partnershiplosses 205
Partnerships 197
PAYEsystem 400
Paymentdatesforcorporationtax 394
Paymentdatesforincometax 395
Paymentsonaccount 395
Penalties 389
Pensioncontributions 209
Personalageallowance 49
Personalallowance 38
Personalpensionplan 213
Plantandmachinery 123
Poolca
rs 81
Premiums 64
Pre‐tradingexpenditure 112
Principalprivateresidencerelief 273
Privateuseassets 143
Progressivetaxation 22
Propertyincome 301
Propertyincomelosses 303
Proportionaltaxation 22
Provisions 107
Q
Qualifyingbusinessassets 260
QualifyingCorporateBonds 248
Quarteruprule 249
Quarterlyinstalments 394
R
RealEstateInvestmentTrusts 37
Receiptsbasis 71
Recordkeeping 393
Regressivetaxation 23
Remotenesstest 104
Rentalincome 56,301
Rent‐a‐roomrelief 61
Reorganisations 256
Resident 32
Revenueexpenditure 107
Rightsissues 254
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Rightsissues 329
Rolloverrelief 260,321
Royalties 108
S
Savingsincome 35
Secondarycontributions 216
Selfassessment 385
Shareidentificationrules 250,324
Shortleases 64,112
Shortlifeassets 140
Specialratepool 134
Statementsofpractice 28
Subscriptions 108
Surcharges 397
Surrenderingcompany 373
T
Takeovers 255,331
Taxavoidance 29
Taxcode 401
Taxevasion 29
Taxpoint 416
Taxyear 33
Taxableincome 32
Taxablesupplies 404
Terminallossrelief 345
Tradingincome 97,296
Tradinglosses 172,334
Transferasagoingconcern 412
Transferpricing 365
Transfersbetweenspouses 235
Travelexpenses 93
Treatyre
lief 360
U
Unilateralrelief 360
V
ValueAddedTax 403
Van 83
VATinvoices 424
VATregistration 407
VATreturn 413,424
Voluntaryregistration 410
Vouchers 76
W
Wastingasset 238
Wastingchattel 238
Wearandtearallowance 57
Writingdownallowances 124
Y
Yearofassessment 33
Z
Zero‐ratedsupplies 405
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F6 UK Study Text - Taxation (Finance Act 2009)
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