F6 Chapter 07 Computing Trading Income

1、F6 Chapter 07 Computing Trading IncomeACCAspace Provided by ACCA Research Institute Copyright ? ACCAspace4 ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) ACCA F6 Taxation (TX) 英國(guó)稅法 ACCA Lecturer: Sparrow Liu Copyright ? ACCAspace ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 2 1 Chapter 7 Computing Trading Income Contents Copyright ? A

2、CCAspace ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 3 Chapter 7 Computing trading income ? Net profit Trading income ? Net profit Add: Expenditure charged in the accounts which is not deductible in from trading profits Income taxable as trading profits which has not been included in the accounts Less: Profits incl

3、uded in the accounts but which are not taxable as trading profits Expenditure which is deductible from trading profits but has not been charged in the accounts Adjusted taxable trading profit Copyright ? ACCAspace ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 4 Chapter 7 Computing trading income 1. Disallowable expen

4、se ? Fines & penalties ? Capital expenditure Eg: a. Cost of initial repairs to improve an asset recently acquired to make it fit to earn profits is disallowable capital expenditure. b. Cost of initial repairs to remedy normal wear and tear of recently acquired assets is allowable revenue expendi

5、ture. Copyright ? ACCAspace ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 5 Chapter 7 Computing trading income 1. Disallowable expense ? Losses on sale of NCA ? Not wholly or exclusively for trade purpose ? Impairment loss ? Unpaid remuneration and employee benefit contributions (>9 months) ? Entertaining and gift

6、s Copyright ? ACCAspace ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 6 Chapter 7 Computing trading income 1. Disallowable expense ? Lease charges for cars with CO2 Emissions >160g/km (x 15%) ? Subscriptions and donations ? Legal and professional charges a. Acquiring new capital assets or legal rights b. Issuing s

7、hares c. Drawing up or litigating disputes on partnership agreements Copyright ? ACCAspace ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 7 Chapter 7 Computing trading income 2. Income taxable as trading profits but excluded from the accounts ? A trader takes goods for his own use. Copyright ? ACCAspace ACCAspace 中國(guó)AC

8、CA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 8 Chapter 7 Computing trading income 3. Accounting profits not taxable as trading income ? Capital receipt ? Income taxed in another way ? Income specifically exempt from tax Copyright ? ACCAspace ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 9 Chapter 7 Computing trading income 4. Deductible expenditur

9、e not charged in the accounts ? Capital allowances ? Lease premium paid to landlord Copyright ? ACCAspace ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 10 Chapter 7 Computing trading income Example: (Taxation 06/11) Bayle Defender is self-employed as a lawyer, the following information is available for the tax year 2

10、012/13. Self-employment (1)Bayles statement of profit or loss for the year ended 30 September 2012 is as follows: Note ? ? Revenue 2 324,100 Expenses Gifts and donations 3 8,680 Lease of motor car 4 10,360 Professional fees 5 3,240 Property expenses 6 46,240 Travel expenses 7 16,770 Other expenses 8

11、 66,410 (151,700) Net profit 172,400 Copyright ? ACCAspace ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 11 Chapter 7 Computing trading income Note: (2) Revenue includes ?2,800 received during May 2012 in respect of an impairment loss that Bayle had written off when calculating her trading profit for the year ended 3

12、0 September 2010. If an impairment loss which has been deducted for tax purposes is later recovered, the recovery is taxable so no adjustment is required to the amount of the recovery shown in the statement of profit or loss. No adjustment needed. Copyright ? ACCAspace ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 12

13、 Chapter 7 Computing trading income Note: (3) Gifts and donations are as follows: Gifts to customers not costing more than ?50 per donee per year are allowed if they carry a conspicuous advertisement for the business and are not food, drink, tobacco or vouchers exchangeable for goods. Political subs

14、criptions and donations are generally not deductible. ? Gifts to customers(clocks costing ?110 each and displaying Bayles name) 3,300 Gifts to customers(bottles of champagne costing ?40 each and displaying Bayles name) 2,480 Donations to political parties 2,900 8,680 Copyright ? ACCAspace ACCAspace

15、中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 13 Chapter 7 Computing trading income Note: (4) The lease commenced on 1 October 2011, and is in respect of a motor car with CO2 emissions of 244g/km. There is no private use of the motor car. (5) The figure ?3,240 for professional fees is in respect of accountancy services, of whi

16、ch ?600 is for inheritance tax planning advice. (6) Bayle lives in an apartment that is situated above her office, and two-fifths of the total property expenses of ?46,240 relate to this apartment. Copyright ? ACCAspace ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 14 Chapter 7 Computing trading income Note: (7) The

17、figure of ?16,770 for travel expenses includes ?520 for parking fines incurred by Bayle. (8) The figure for other expenses of ?66,410 includes ?670 for Bayles professional subscription to the Law Society, and ?960 for her golf club membership fee. Copyright ? ACCAspace ACCAspace 中國(guó)ACCA特許公認(rèn)會(huì)計(jì)師教育平臺(tái) 15 Chapter 8 Capital Allowance Solution: ? Net profit 172,400 Add: Impairment loss 0 Gifts to customers -clocks 3,300 Gifts to customers -champagne 2,480 Donations to p