Practise 1 - Task 3
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katelowes
Registered Posts: 16 New contributor 🐸
in Business Tax
Hi, Can anyone explain why the car 3 addition is after the disposals?
Is it because there is no disposals on it?
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I have another question... Why the AIA is still 1000000 and it has not been apportioned???0
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For the first question it doesn't particularly matter as long as everything is covered.
For the added question it is a full year and the AIA is still £1,000,000 as the planned change to £200,000 didn't occur.AAT Level 4, MAAT
ACCA in progress
F4- Passed Aug 2020
F5- Passed Dec 2020
F6- Passed Sep 2020
F7- Passed June 2021
F8 - Passed Sep 2021
F9 - Passed June 2021
SBL -
SBR - Passed Mar 22
ATX - Passed Dec 21
APM - Passed June 220 -
> @Pian32 said:
> For the first question it doesn't particularly matter as long as everything is covered.
>
> For the added question it is a full year and the AIA is still £1,000,000 as the planned change to £200,000 didn't occur.
Sorry…. I’m confused. The exercise state that the YE is 31.03.2021. The PA straddle the 1st January 2021 when the allowance dropped to £200k. What I would do is apportions 1000000*9/12 and 200000*3/12.
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The allowance didn't drop it remained at £1,000,000 if you look at the up to date allowance sheets they will show it as £1,000,000 for the whole period.AAT Level 4, MAAT
ACCA in progress
F4- Passed Aug 2020
F5- Passed Dec 2020
F6- Passed Sep 2020
F7- Passed June 2021
F8 - Passed Sep 2021
F9 - Passed June 2021
SBL -
SBR - Passed Mar 22
ATX - Passed Dec 21
APM - Passed June 220 -
AIA was £1000000 from 01.01.2019 to 31.12.2020 and it changed from the 01.01.2021 to £200000. Correct?0
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Incorrect it didn't decrease. From HMRC site:
'The AIA amount has temporarily increased to £1 million between 1 January 2019 and 31 December 2021.'
It was going to return to normal on the date you mentioned but it got extended probably due to Covid but I haven't looked at the details
AAT Level 4, MAAT
ACCA in progress
F4- Passed Aug 2020
F5- Passed Dec 2020
F6- Passed Sep 2020
F7- Passed June 2021
F8 - Passed Sep 2021
F9 - Passed June 2021
SBL -
SBR - Passed Mar 22
ATX - Passed Dec 21
APM - Passed June 220 -
I wasn’t aware of it… I have been studying from BPP and I bought the book in March 2021 . The text should be valid for exams till December 2021. There should be an update, At least in the website and in AAT learning website it should be mentioned …
Thank you for the clarification0
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