Download CIMA Learning System 2007 Financial Accounting and Tax by Tom Rolfe PDF
By Tom Rolfe
The 2007 version of CIMA's reputable studying structures has been written along side the CIMA school to totally mirror what can be proven within the examination. up-to-date to include legislative and syllabus alterations, the 2007 studying structures offer entire learn fabric for the could and November 2007 assessments. the hot version continues the preferred loose-leaf layout and includes: * perform questions all through * whole revision part * subject summaries * instructed examining articles from various journals * may possibly 2006 Q & A'sCIMA reliable studying platforms are the one fabrics written and counseled through the CIMA college * The legit studying platforms are the single research fabrics recommended by means of CIMA * absolutely revised and up to date with new readngs and labored examples* Written by means of the Examiner and CIMA school * entire built-in package deal incorporating syllabus information, complete textual content, instructed articles, revision courses and broad query perform
Read or Download CIMA Learning System 2007 Financial Accounting and Tax Principles (Cima Learning Systems Managerial Level 2007) PDF
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Extra resources for CIMA Learning System 2007 Financial Accounting and Tax Principles (Cima Learning Systems Managerial Level 2007)
All of these entities will be in the same group for capital gains. Capital losses are also different from trading and non-trading losses in that capital losses can not usually be transferred from one entity to another. In the UK all that is available is the right to transfer assets between members of the same capital gains tax group without triggering off a capital gain or loss. The asset is transferred on a ‘no gain, no loss’ basis. Where an asset, which will result in a capital loss, is about to be sold to a third party by a group member and another group member is about to sell an asset to a third party which would give rise to a chargeable gain, then this rule can be extremely helpful.
Non-trading receipts are usually treated separately for tax purposes. ● Capital receipts will be dealt with under capital gains tax rules. ● If the receipt relates to other years it will probably be taxed in that year. ● Receipts taxable under other categories are deducted from income and dealt with under the rules relating to the other categories. 3 Expenditure The starting point for determining the profits or gains of a trade is the profit per the financial statements. An item of expenditure or other debit to the income statement will be an allowable deduction in arriving at the trading profit, provided that either: ● ● it is revenue and not capital expenditure and is not prohibited by any provisions in the tax statute; or it is not specifically disallowed by the tax legislation.
Solution 7 Trading profit/(loss) $000 2002 Loss carried forward 2003 Loss carried forward 2004 Loss carried forward Taxable profit Tax due at 25% $000 $000 (350) (200 Ϫ 200) ϭ 0 (350 Ϫ 200) ϭ 150 (700 Ϫ 150) ϭ 550 0 The tax due in 2004 is $137,500. qxd 6/9/06 2:46 PM Page 33 Indirect Taxes and Employee Taxation 3 LEARNING OUTCOME After completing this chapter you should be able to identify the principal types of taxation likely to be of relevance to an incorporated business in a particular country, including direct tax on the entity’s trading profits and capital gains, indirect taxes collected by the entity, employee taxation, withholding taxes on international payments.