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FREE ACCA BOOKS PDF

  • Written by Muhammad Ejaz
  • 16 Sep

 MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

Your manager has sent you an email, together with an attachment, in respect of a client called Mirtoon. The email and the attachment are set out below. 

Email from your manager  Mirtoon intends to leave the UK on 15 January 2018 in order to live in the country of Koro. He has entered into a
full-time contract of employment for a fixed term of four years starting on that date but he may stay in Koro for as long as ten years. FREE ACCA BOOKS DOWNLOAD PDF He will buy a house in Koro and will not make any return trips to the UK whilst he is living in
Koro.


Mirtoon will sell his house in the UK and cease his business prior to his departure. Details of these proposals, together with information regarding agricultural land owned by Mirtoon, FREE ACCA STUDY MATERIALS are set out in the attached extract from his
email.
Background information
Mirtoon is divorced. He has always been resident and domiciled in the UK. FREE ACCOUNTING BOOKS He will continue to be UK domiciled  whilst living in the country of Koro.
He does not own any buildings other than his home. He receives bank interest in respect of UK bank deposits of  £32,775 per year. He will continue to hold these bank deposits whilst living in the country of Koro and this will be his only UK source of income.
Mirtoon has not made any disposals for the purposes of capital gains tax in the tax year 2017/18. He has capital
losses brought forward as at 5 April 2017 of £4,000.
Mirtoon is self employed. He has overlap profits brought forward in respect of his business of £7,600. He is registered for value added tax (VAT) and makes standard rated supplies only. ACCA STUDY MATERAILS He has never made any claims in respect of entrepreneurs' relief.
I want you to prepare the following:
(a) Mirtoon's financial position Mirtoon wants to know how his plans to dispose of assets and his departure from the UK will affect his
financial position. The details of his plans are in the following attachment. FREE DOWNLOAD FOR PDF He has asked us to prepare a
calculation of the total of the following amounts:
 The after tax proceeds from the sale of his home and business assets.
 The tax saving in respect of the offset of his trading losses
The trading losses should be offset against the total income of the tax year 2016/17; there is no need
to consider any other loss reliefs.

Sale of house

I will sell my house on 31 December 2017 for £850,000. I purchased the house for £540,000 on 1 July 2007 and I
have lived there ever since that date. Two rooms, representing 20% of the property, have always been used
exclusively for the purposes of my business.
Sale of business assets EXAM PREPARATION & TUTORING
My business made a tax adjusted profit in the year ended 30 June 2016 of £90,000. However, in the year ended 30
June 2017 it made a tax adjusted loss of £20,000. I have not been able to find a buyer for the business and will
therefore cease trading on 31 December 2017. I will then sell any remaining business assets.
I expect to be able to sell the business assets, consisting of machinery and inventory, for £14,000, with no asset
being sold for more than cost. The business will make a tax adjusted loss of £17,000 in the six months ending 31
December 2017 after taking account of the sale of the business assets.
Agricultural land
In May 2013 my father gave me 230 acres of agricultural land situated in the UK. A capital gain of £72,900 arose in
respect of this gift and my father and I submitted a joint claim for gift relief. I expect the value of the land to
increase considerably in 2018 and I intend to sell it in June 2019.

LINK IS AVAILABLE IN QUESTIONS AND ANSWERS

F5 Performance Management - MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

F6 Taxation - MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

F7 Financial Reporting - MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

F8 Audit & Assurance - MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

F9 Financial Management - MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

P1 Governance, Risk & Ethics - MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

P2 Corporate Reporting - MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

P3 Business Analysis - MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

P4 Advanced Financial Management - MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

P5 Advanced Performance Management - MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

P6 Advanced Taxation - MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS

P7 Advanced Audit and Assurance - MOCK EXAM QUESTIONS AND ANSWERS FOR ALL ACCA BOOKS - FREE ACCA STUDY MATERIALS