[F6]ACCA每日一练F6 (UK) 答案回复可见

2 (a) Wireless Ltd, a United Kingdom resident company, commenced trading on 1 October 2007 as a manufacturer
of computer routers. The company prepared its first accounts for the six-month period ended 31 March 2008.
The following information is available:
Trading profit
The tax adjusted trading profit based on the draft accounts for the six-month period ended 31 March 2008 is
£68,400. This figure is before making any adjustments required for:
(1) Capital allowances.
(2) Director’s remuneration of £23,000 paid to the managing director of Wireless Ltd, together with the related
employer’s Class 1 national insurance contributions. The remuneration is in respect of the period ended
31 March 2008 but was not paid until 5 April 2008. No accrual has been made for this remuneration in
the draft accounts. The managing director received no other remuneration from Wireless Ltd during the tax
year 2007–08.
Plant and machinery
Wireless Ltd purchased the following assets in respect of the six-month period ended 31 March 2008:
£
20 September 2007 Office equipment 3,400
5 October 2007 Machinery 10,200
11 October 2007 Building alterations necessary for the installation of the
machinery 4,700
18 February 2008 Motor car 10,600
The motor car purchased on 18 February 2008 is used by the sales manager, and 15% of the mileage is for
private journeys.
Wireless Ltd is a small company as defined by the Companies Acts.
Construction of factory
Wireless Ltd had a new factory constructed at a cost of £200,000 that the company brought into use on
1 November 2007. The cost was made up as follows:
£
Land 60,000
Site preparation 8,000
Canteen for employees 22,000
General offices 42,000
Factory 68,000
––––––––
200,000
––––––––
The factory is used for industrial purposes.
Loan interest received
Loan interest of £1,110 was received on 31 March 2008. The loan was made for non-trading purposes.
Overseas dividend
On 31 March 2008 Wireless Ltd received a dividend of £6,750 (net) from a 100% owned subsidiary company
that is resident overseas. Withholding tax was withheld from the dividend at the rate of 10%. The rate of
underlying tax on the profits attributable to the dividend was 25%.
Donation
A donation to charity of £1,800 was paid on 20 March 2008. The donation was made under the gift aid scheme.

8J–UKAB
Paper F6UK
Required:
(i) Explain when an accounting period starts for corporation tax purposes; (2 marks)
(ii) Calculate Wireless Ltd’s profits chargeable to corporation tax for the six-month period ended 31 March
2008. (14 marks)
(b) Note that in answering this part of the question you are not expected to take account of any of the information
provided in part (a) above.
Wireless Ltd’s sales since the commencement of trading on 1 October 2007 have been as follows:
£
2007 October 9,700
November 18,200
December 21,100
2008 January 14,800
February 23,300
March 24,600
The above figures are stated exclusive of value added tax (VAT).
The company’s sales are all standard rated and are made to VAT registered businesses.
Wireless Ltd only sells goods and since registering for VAT has been issuing sales invoices to customers that show
(1) the invoice date and the tax point, (2) Wireless Ltd’s name and address, (3) the VAT-exclusive amount for
each supply, (4) the total VAT-exclusive amount and (5) the amount of VAT payable. The company does not offer
any discount for prompt payment.
Required:
(i) Explain from what date Wireless Ltd was required to compulsorily register for VAT and state what action
the company then had to take as regards notifying HM Revenue and Customs (HMRC) of the
registration. (4 marks)
(ii) Explain the circumstances in which Wireless Ltd would have been allowed to recover input VAT incurred
on goods purchased and services incurred prior to the date of VAT registration. (4 marks)
(iii) Explain why it would have been beneficial for Wireless Ltd to have voluntarily registered for VAT from
1 October 2007. (3 marks)
(iv) State the additional information that Wireless Ltd must show on its sales invoices in order for them to
be valid for VAT purposes. (3 marks)
(30 marks)
 
 

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