In the whole outline of F6, individual tax accounts for a high proportion, which naturally becomes the focus of our examination.
In roughly 25 chapters of the course, the number of individual taxes reaches 12- 13, which can be said to be huge. For the students who are about to take the exam, how to review the individual tax to better master some core knowledge points in a limited time? Bian Xiao will also send an ACCA exam self-study package, which can be shared with friends, self-promoted, and stamped: ACCA materials novice guide+internal handout+analysis audio.
Framework review method
Today, I recommend the review strategies of my friends.
The framework of individual tax, or the calculation formula, is enough to look at this picture.
Seeing this watch, I believe everyone will be familiar with it.
Of course. When reviewing, we can actually use this form to connect the tax knowledge we have learned conveniently and form a systematic knowledge framework.
So are there any other functions besides allowing us to write in a relatively standard format during the exam?
What information does this strap give us? Let's briefly sort out the knowledge framework first.
First of all, in this formula, there are several columns representing non-savings income, savings income and dividend income respectively. This is actually a rough classification of our personal income, which is relatively simple and direct, and is not the object of our key research.
The leftmost column, starting from the trading profit, is the focus of our review.
Let's look at the leftmost column from top to bottom. Trade, employment, real estate, savings and dividends make up our total income.
Moreover, our total income this year can also enjoy the benefit of deducting qualified interest payments. After subtracting this part of interest, we get a value of net income. Between net income and taxable income, PA appears, which is another benefit that HMRC gives us. Everyone can enjoy PA to deduct their net income.
Finally, we get taxable income, which is used to calculate the value of individual tax. After combining different tax rates, our tax liabilities will come out. After deducting the value of source tax deduction, it is the taxable amount or the repayable amount.
For the transaction,
This is a difficult point in the study of individual tax in China.
Chapter 7, Chapter 8, Chapter 9, 10, 1 1 are all related to trading. The idea of our research is to understand what kind of activities belong to trading first, and then see how the trading profit is calculated for this.
We have learned about the badge of trade, what non-deductible expenses need to be added back, and what income that is not trade income needs to be deducted. In addition, we need to calculate the tax depreciation capital allowance and deduct it.
Therefore, in this link, the focus of our study is to understand which expenses cannot be deducted.
Next, find out
capital allowance
Used for calculation
trading profit
1.
When learning CA, we must first understand what kind of assets are suitable for CA, and then we can classify these assets, such as main pool, special rate pool, low emission vehicle, short-lived assets, private assets and so on.
Here is a tip for you to focus on remembering those special assets, such as those in the special asset pool. This makes it easy for us to quickly judge which assets are suitable for which allowance during the exam.
The next step is to learn the depreciation rate. WDA, FYA, AIA, BCBA. Do you remember when these were used and whether they need to be enlarged/reduced?
What are the ways to deal with special assets, such as private assets? What shall we do with these assets during liquidation?
If you forget, just remember!
2.
Then when CA is worked out, our trading profit will also be worked out. But this profit is applicable to the accounting period, and our personal tax payment is based on the tax year, so how should we adjust it?
Chapter 9, namely, trading profit evaluation, gives some methods. CYB, this is the simplest method and suitable for continuous operation. Opening and closing the year, these methods are more difficult and suitable for some special periods, such as opening and closing the year. I often make an analogy. Calculating the trading profit in front is like making a cake. Finally, we will cut this cake according to different tax years.
So we must remember that before cutting the cake, we should calculate the corresponding profit according to the accounting period.
Finally, in chapter 10, we discuss the loss. In case of loss, our loss can be deducted from our income. So, what are the losses deducted?
There are special circumstances such as total income of the current year, total income of the previous year, future transaction income, beginning of the year, terminal rules, CG deduction, etc. What are the restrictions in these cases? What are the restrictions? Which ones are better to use? This is a question that we should think about when reviewing.
So for partners, their partnership income is actually everyone's trading income. For partners, we just need to remember that when the proportion of partners changes, we must first divide the profits according to time, and then divide the profits according to different proportions. Don't make a mistake in this order.
At this point, we have finished remembering the transaction part. So in fact, in the exam, when you calculate the transaction, although you can't use all the knowledge completely, you have to use part of it to get the accurate result of the transaction. Bian Xiao will also send an ACCA exam self-study package, which can be shared with friends. Self-promotion and seal: ACCA data novice guide+internal handout+analysis audio.
I recommend a senior who has already passed ACCA. If you don't understand anything about ACCA, you can ask her. It can not only solve the problem of ACCA exam, but also (WeChat ID:accame mengyue)
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