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ACCA考试科目F6《税务》常用公式,赶快收藏起来!

来源:未知 发布时间:2019-09-02 10:36

ACCA考试科目F6《税务》常用公式,赶快收藏起来!1.Adjusted net income=net income-gross PPS-gross gift aid donation 2.Personal allowance
  ACCA考试科目F6《税务》常用公式,赶快收藏起来!
 
  1.Adjusted net income=net income-gross PPS-gross gift aid donation
 
  2.Personal allowance
 
  Std PA=£11,000
 
  When'Adjusted net income'≥£100,000
 
  Std PA 11000
 
  Less:restriction(adjusted net income-100000)*1/2
 
  Adjusted PA
 
  'Adjusted net income'≥£122000,PA=0
 
  3.Gift aid donation
 
  •Gross up=net gift aid donation*100/80
 
  •Extending the rate band
 
  32000(150000)+gross gift aid donation
 
  •Adjusted net income=net income-gross gift aid donation
 
  4.Child benefit income tax charge:
 
  When£60,000≥'Adjusted net income'≥£50,000
 
  %=(Adjusted net income-50000)/100 Round down
 
  child benefit income tax charge=%*child benefit received
 
  5.Authorized mileage allowances
 
  Up to 10,000 miles 45p
 
  over 10,000 miles 25p
 
  6.Additional charge of living accommodation benefit
 
  Additional benefit=(cost of providing accommodation–£75,000)×the official rate of interest
 
  which is time apportionment
 
  7.Benefit of use of assets
 
  The benefit assessed is the higher of
 
  -20%x(MV when first provided–the price paid by employee)
 
  -rental paid by employer(if asset is rented)
 
  which is time apportionment
 
  8.Benefit of gift of assets
 
  If new asset is given:cost of the asset
 
  If used assets is given:higher of
 
  -(MV when given–the price paid by employee)
 
  -(MV when first provided–benefits already assessed–the price paid by employee)
 
  9.Benefit of provision of a car
 
  Taxable car benefit=X%*(list price–capital contribution)*time proportion–payment by employee for use of the car
 
  Emission≤50 g/km,X=7%
 
  51≤Emission≤75 g/km,X=11%
 
  76≤Emission≤94g/km,X=15%
 
  Emission=95g/km,X=16%
 
  Emission>95g/km,increase by 1%for every 5 g/km increase
 
  X=(Emission-95)/5 Round down
 
  diesel cars:+3%
 
  Maximum:37%
 
  10.Benefit of Provision of fuel
 
  X%*£22,200 which is timeapportionment
 
  11.Provision of vans
 
  Standard benefit of£3,170
 
  £598 a year for private fuelwhich is time apportionment
 
  12.PPS
 
  Grossup=net PPS*100/80
 
  Extending the rate band
 
  32000(150000)+gross PPS
 
  Adjusted net income=Netincome-gross PPS
 
  13.OPS
 
  Employer’scontributions:trading profit-OPS
 
  Employee’scontributions:employment income-OPS
 
  14.Furniture replacement relief
 
  Furniturereplacement relief=MV of new furniture(same function)-resale value of oldfurniture
 
  15.Rent a room
 
  Gross rental income<=£7500,lower of
 
  -Property business income=0
 
  -Property business income=normal calculation=gross rent–expenses–Furniture replacement relief
 
  Gross rental income>£7500,lower of
 
  -Property business income=normal calculation or,
 
  -Property business income=alternative calculation=gross rent-7500
 
  16.Premium
 
  Landlord:
 
  Premium is treated asproperty business income for the year of grant.
 
  P-P×2%(n-1)
 
  Where:P=total premium
 
  n=duration of lease in years
 
  Tenant:premium paid is treated as a tradingexpense(proportioned to month)
 
  P-P×2%(n-1)*m
 
  n 12
 
  17.Class 1 NIC(on cashearnings)
 
  Primary:
 
  £1-£8,060per year Nil
 
  £8,061-£43,000per year 12%
 
  £43,001 and above per year 2%
 
  Secondary:
 
  £1-£8,112per year Nil
 
  £8,113and above per year 13.8%
 
  18.Class 1A NIC(on taxablebenefits)
 
  =taxablebenefits*13.8%
 
  19.Class 2
 
  =£2.8*weeks
 
  20.Class 4(on trading profit:which is after loss relief)
 
  £1-£8,060per year Nil
 
  £8,061-£43,000per year 9%
 
  £43,001 and above per year 2%
 
  21.Payment of tax
 
  for 16/17:
 
  -31.1.17-first payment onaccount=1/2*(15/16 income tax payable+15/16 NIC Class 4)
 
  -31.7.17-second payment onaccount=1/2*(15/16 income tax payable+15/16 NIC Class 4)
 
  -31.1.18-final balancing payment=16/17 income tax payable+16/17 NIC Class 4 tax-(15/16income tax payable+15/16 NIC Class 4)+16/17CGT+16/17 Class 2
 
  Payment ofcapital gain tax:31.1.18for 16/17
 
  Payment ofClass 2:31.1.18for 16/17
 
  22.Interest on late payment of tax:3%*due amount(which is time apportionment)
 
  POAs-runs from 31.1.2017/31.7.2017
 
  Final payment-runs from 31.1.2018
 
  23.Penaltyon late balancing payment:
 
  -no more than 1 month,0
 
  -no more than 6 month,5%,(5%*(shouldpay-actual pay))
 
  -more than 6 months,10
 
  -more than 12 months,15%
 
  24.Penaltiesfor late return:
 
  -thereturn filed after the filing date,100
 
  -morethan 3 months,10 per day,at most 90 days
 
  -morethan 6 months,higher of 5%*tax due on return&300
 
  -morethan 12 months,higher of 100%/70%/5%*tax due on return&300
 
  CGT
 
  1.Transfers between spouses/civil partner(A→B)
 
  A:
 
  less:cost
 
  deemed proceeds:
 
  less:rollover relief
 
  Gain taxed now(0)
 
  B:
 
  base cost=deemed proceeds-rollover relief
 
  2.Partial disposal
 
  Proceeds A
 
  Less:selling costs(X)
 
  X
 
  Less:
 
  original cost*A/(A+B)(C)
 
  Chargable gain X
 
  A–MV of the part disposed of
 
  B–MV of the remaining part of the asset
 
  3.Damaged asset
 
  A
 
  A+B
 
  A=compensation received
 
  B=unrestored value of asset
 
  4.Destroyed assets
 
  Compensation received
 
  Less:cost
 
  Less:rollover relief
 
  Gain taxed now(not reinvest)
 
  Base cost of the new asset=MV of the new asset-rollover relief
 
  5.Non wasting chattels(antiques and paintings)

 
ACCA考试科目F6《税务》常用公式,赶快收藏起来!
 
  6.Wasting assets(copyright)
 
  Remaining cost is the key part in the computation
 
  For example,if a taxpayer acquires a wasting asset with a remaining life of 40 years and disposes of it after 15 years,so that 25 years of useful life remain,only 25/40 of the cost is deducted in the computation.
 
  7.Principal private residence
 
  PPR relief is calculated as
 
  Gain*period of occupation/period of ownership
 
  The letting relief is the lowest of
 
  The gain arising in the letting period not covered by PPR relief
 
  £40,000
 
  The PPR relief already given
 
  8.Valuing quoted shares
 
  lower of:
 
  the‘quarter-up’value:lower quoted price+1/2×(higher quoted price–lower quoted price)
 
  the average of the highest and lowest marked bargains(ignoring bargains marked at special prices)
 
  9.Cost of shares(matching rules)
 
  Acquisitions on the same day
 
  Acquisition in the next 30 days–FIFO basis
 
  Shares in the share pool
 
  Proforma of share pool
 
  Share pool No.Cost
 
  Additions X X
 
  Disposals(X)X
 
  X(X)
 
  10.Takeover
 
  Proceeds(cash received)A
 
  Less:
 
  original cost*A/(A+B)(C)
 
  Chargable gain X
 
  where:
 
  A=cash element and;
 
  B=value of non cash element i.e market value at date of takeover
 
  11.Gift relief
 
  Assets qualifying:
 
  Business assets
 
  Unquoted shares in a trading company
 
  Quoted shares in a personal trading company(>5%)
 
  A:
 
  Deemed proceeds:
 
  less:cost
 
  less:gift relief
 
  Gain taxed now(actual gain)
 
  B:
 
  base cost=deemed proceeds-gift relief
 
  If the company has chargeable non-business assets at the time of the gift
 
  gift relief will be:
 
  Total gain×MV of CBA/MV of CA
 
  CBA=chargeable business assets(chargeable assets except investments)
 
  CA=chargeable assets(assets not exempt from CGT)
 
  12.Replacement of Business Assets
 
  Proceeds of old asset
 
  Less:cost
 
  Less:rollover relief
 
  Gain taxed now(not reinvest)
 
  Base cost of the new asset=MV of the new asset-rollover relief
 
  Corporation tax liability
 
  1.Proforma
 
  2.Computing the corporation tax liability
 
  Corporation tax payable is calculated as:
 
  TTP*CT rate for the financial year
 
  4.Chargeable Gains for Companies
 
  proceeds:
 
  less:incidental cost on disposal
 
  net proceeds
 
  less:cost
 
  capital exp.(enhancement cost)
 
  gain
 
  less:
 
  indexation allowance on cost
 
  cost*(RPI卖-RPI买)/RPI买
 
  indexation allowance on enhancement cost
 
  enhancement cost*(RPI卖-RPI提)/RPI提
 
  indexed gain
 
  5.Matching rules for shares-companies:
 
  same day
 
  9 days prior to disposal
 
  FA1985 pool:from 82.4.1 to 10 days prior to disposal(IA should be considered)
 
  6.Trading losses
 
  7.Self-assessment and payment of tax by large companies
 
  Installments are based on expected current year’s liability.
 
  The four quarterly installments will be made in months 7,10,13 and 16 following the start of the accounting period.The installments are due on the 14th of the month.
 
  If an accounting period is less than 12 months
 
  Each installment=3×CT/n(n=no.of months in AP).
 
  Final installment always due by 14th of the 4th month following end of accounting period.
 
  Inheritance tax
 
  1.lifetime tax
 
  (1)CLT(donee pays tax)
 
  donee pays tax
 
  step1:7 yrs accumulation of other CLTs(tranfer date转让日往前7年内)
 
  step2:nil rate band available(nil rate band at transfer year-7 yrs accumulation)
 
  step3:value of CLT(after exemptions)
 
  step4:calculate the IHT using 0%/20%
 
  (2)CLT(donor pays tax)
 
  donor pays tax
 
  step1:7 yrs accumulation of other CLTs(tranfer date转让日往前7年内)
 
  step2:nil rate band available(nil rate band at transfer year-7 yrs accumulation)
 
  step3:net value of CLT(after exemptions)
 
  step4:calculate the IHT using 0%/25%
 
  step5:gross value of transfer(net value of transfer+IHT paid by donor)
 
  2.Death tax on Lifetime transfer
 
  if the donor dies within 7 yrs of making a PET/CLT,then the PET&CLT will need to calculate an additional death tax.
 
  step1:7 yrs accumulation of PETs and gross value of CLTs if donor pay the lifetime tax(transfer date转让日往前7年内)
 
  step2:nil rate band available(325000 death year nil rate band-7 yrs accumulation)
 
  step3:Gross value of CLT/PET
 
  step4:calculate the IHT using 0%/40%
 
  step5:reduce the taper relief(if available)
 
  step6:deduct any lifetime tax already paid
 
  6.Death tax on death estate
 
  step1:7 yrs accumulation of PETs and gross value of CLTs if donor pay the lifetime tax(death date往前7年内)
 
  step2:nil rate band available(325000 death year nil rate band-7 yrs accumulation)
 
  step3:value of death estate
 
  step4:calculate the IHT using 0%/40%
 
  7.Value of death estate
 
  Value of death estate:ALL ASSETS
 
  except for:
 
  mortgaged asset(endowment mortgage is not deducted)
 
  legally enforceable debts(verbally promised is not deducted)
 
  funeral expense
 
  spouse exemption
 
  Value added tax
 
  1.VAT=VAT exclusive amount×20%
 
  2.VAT=VAT inclusive amount×20/120
 
  3.VAT inclusive amount=VAT exclusive amount×120/100
 
  4.Cash discount
 
  Output VAT=sales revenue*(1-x%discount)*20%
 
  Adjustment is made if discount subsequently does not apply.
 
  5.VAT on fuel
 
  the company only paid the business part:
 
  input VAT=business fuel*20%
 
  the company paid all fuel(business&private),however employee reimburse all the private fuel
 
  input VAT=full amount*20%,output VAT=private fuel*20%
 
  the company paid all fuel(business&private),and employee does reimburse all the private fuel:
 
  input VAT=full amount*20%,output VAT=Scale charge*20%
 
  6.Flat rate scheme
 
  flat rate percentage*tax inclusive income(std+zero+exempt supplies).




 
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