F6 Taxation

F6 Taxation (KAPLAN)

Income tax

Husband and wife
Joint investment income
Some exempt income
Adjustment of profits
Gift Aid donations/personal pension contributions - extending basic rate band
Calculation of PA based on adjusted net income
Employment Income - benefits
National insurance
Income tax trading loss

Corporation tax

Possibly a long/short period of account
Capital allowances including IBA [IBA cannot be examined after this sitting]
Penalties for late filing of return
Interest on late payment of corporation tax
Groups - Losses

VAT

Separate part of question 1 or 2 or whole question 4/5 (as in June 2009/ June 2011)
VAT return – including some discounts and impaired debts relief
Cash accounting scheme/Flat rate scheme
Overseas issues

Capital gains tax

Individual making disposals
Disposal of chattels
Transfer between spouses
Principal private residence relief
Rollover and gift relief
Corporate chargeable gains

Sundry topics for questions 4 and 5

Groups – Losses / Gains Group
Income tax Basic Planning – comparative scenario with calculation of net cash consequences
IHT



F6 Taxation (BPP)

Question 1 will test income tax with maybe a VAT section attached as a separate part. The income tax will focus on a self employed individual with property income and some investment income. The VAT section could look at calculation of VAT payable, penalties and special schemes.

Question 2 will test corporation tax and could involve a long period of account, capital allowance computations for plant and machinery, computation of corporation tax payable and payment of tax.

Question 3 will test capital gains tax from an individuals’ perspective. This question will involve a number of different disposals involving entrepreneurs’ relief, part disposals, chattels and shares with a computation of capital gains tax payable. It is possible this question could alternatively involve a company disposing of shares.

Question 4 & 5 will test anything else. Possible topics that may be examined here are:
- commencement, cessation and change of accounting date rules for sole traders and partnerships
- inheritance tax testing the inheritance tax liabilities on lifetime gifts and as a result of the individual’s death.
- Group relief
- Overseas aspects of corporation tax
- Self assessment system
- Badges of trade
- Corporation tax loss relief


F6 Taxation (ICOUNT)

· Adjustments to accounting profits to calculate income tax of a sole trader.
· Corporation tax basic groups.
· Chargeable gains for individuals or companies.
· Accounting for VAT, including registration dates.
· Income tax losses.


F6 Taxation (FIRST INTUITION)

Resident status
BIKS and employment v self employment
Badges of trade
Adjustment of profits
Basis periods – change of year end
Capital allowances
Partnerships
Property profit
Income tax computation
Corporation tax with group relief
CGT – chattels, PPR, rollover relief, gift relief
NI – Class 1,2 and 4
VAT – cash accounting, default surcharge
Payments on account