by Neil Da Costa | Feb 11, 2022 | Uncategorized
Income tax trading loss questions feature regularly in the tax exams, and it is an area most students struggle with despite it being fairly logical. The trading loss can be offset against the total income of either the current or the previous tax year so will result...
by Neil Da Costa | Feb 11, 2022 | Uncategorized
In every tax exam, you can expect a question on capital allowances. Capital allowances are tax depreciation which can be claimed on assets that are functional and used in the business. The assets that a business can claim allowances include machinery, cars,...
by Neil Da Costa | Feb 10, 2022 | Uncategorized
One of the fundamental areas in tax is adjustment of profits. This is because taxable profits is not the same as accounting profits.Typically, you are given the accounting profits and have to find taxable profits. You need to bear in mind that the accountant has...
by Neil Da Costa | Feb 9, 2022 | Uncategorized
An important area in the Advanced Tax exam is Research and Development. This is the only expenditure on which we can claim tax relief of more than 100%.The enhanced allowances are available on revenue expenditure directly relating to the research activities such as...
by Neil Da Costa | Feb 8, 2022 | Uncategorized
Professional ethics questions feature in all the accountancy qualifications, but many students do not pick up all these relatively easy marks.There are 2 main reasons for this.1. Candidates do not understand the scenario and tend to write generic answers instead of...
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