ACCA - kaplan-learning.com

examination sittings
British library cataloguing-in-publication data
A catalogue record for this book is available from the British Library.
Published by:
Kaplan Publishing UK Unit 2 The Business Centre Molly Millars Lane Wokingham Berkshire RG41 2QZ
ISBN 978-1-78740-399-4
© Kaplan Financial Limited, 2019
The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials.
Printed and bound in Great Britain
Acknowledgements
These materials are reviewed by the ACCA examining team. The objective of the review is to ensure that the material properly covers the syllabus and study guide outcomes, used by the examining team in setting the exams, in the appropriate breadth and depth. The review does not ensure that every eventuality, combination or application of examinable topics is addressed by the ACCA Approved Content. Nor does the review comprise a detailed technical check of the content as the Approved Content Provider has its own quality assurance processes in place in this respect.
We are grateful to the Association of Chartered Certified Accountants and the Chartered Institute of Management Accountants for permission to reproduce past examination questions. The answers have been prepared by Kaplan Publishing.
KAPLAN PUBLISHING P.3
Chapter 2 Calculation of corporation tax: Income and gains 25
Chapter 3 Corporation tax losses 75
Chapter 4 Groups and consortia 93
Chapter 5 Business financial management 145
Chapter 6 Overseas aspects of corporation tax 161
Chapter 7 CGT: Computations and stamp duty land tax 191
Chapter 8 CGT: Variations to computations 209
Chapter 9 CGT: Shares and securities for individuals and stamp duty 235
Chapter 10 CGT: Reliefs for individuals 267
Chapter 11 An introduction to inheritance tax 345
Chapter 12 IHT: Special valuation rules, reliefs and the death estate 395
Chapter 13 IHT: Overseas, administration and tax planning 441
Chapter 14 The taxation of trusts 475
Chapter 15 Ethics 495
Chapter 18 Employment income and related NICs 567
Chapter 19 Property income, investment income and personal financial management 625
Chapter 20 Pensions 669
P.4 KAPLAN PUBLISHING
Chapter 21 Overseas aspects of income tax and capital gains tax 697
Chapter 22 New and ongoing unincorporated businesses 755
Chapter 23 Cessation of an unincorporated business 839
Chapter 24 Partnerships: Income tax and capital gains tax 869
Chapter 25 Family companies and related planning scenarios 887
Chapter 26 VAT: Outline 923
Chapter 27 VAT: Administration and overseas aspects 961
Chapter 28 Questions and Answers 975
Index I.1
How to use the Materials These Kaplan Publishing learning materials have been carefully designed to make your learning experience as easy as possible and to give you the best chances of success in your examinations.
The product range contains a number of features to help you in the study process. They include:
(1) Detailed study guide and syllabus objectives
(2) Description of the examination
(3) Study skills and revision guidance
(4) Tax rates and allowances
(5) Study text or Integrated Workbook
(6) Question practice
The sections on the study guide, the syllabus objectives, the examination and study skills should all be read before you commence your studies. They are designed to familiarise you with the nature and content of the examination and give you tips on how to best to approach your learning.
The Study Text comprises the main learning materials and gives guidance as to the importance of topics and where other related resources can be found. Each chapter includes:
The learning objectives contained in each chapter, which have been carefully mapped to the examining body's own syllabus learning objectives or outcomes. You should use these to check you have a clear understanding of all the topics on which you might be assessed in the examination.
The chapter diagram provides a visual reference for the content in the chapter, giving an overview of the topics and how they link together.
The content for each topic area commences with a brief explanation or definition to put the topic into context before covering the topic in detail. You should follow your studying of the content with a review of the illustration/s. These are worked examples which will help you to understand better how to apply the content for the topic.
Test your understanding sections provide an opportunity to assess your understanding of the key topics by applying what you have learned to short questions. Answers can be found at the back of each chapter.
Summary diagrams complete each chapter to show the important links between topics and the overall content of the paper. These diagrams should be used to check that you have covered and understood the core topics before moving on.
Question practice is provided at the back of the text.
Quality and accuracy are of the utmost importance to us so if you spot an error in any of our products, please send an email to [email protected] with full details, or follow the link to the feedback form in MyKaplan.
Our Quality Coordinator will work with our technical team to verify the error and take action to ensure it is corrected in future editions.
Icon Explanations
Definition – Key definitions that you will need to learn from the core content.
Key point – Identifies topics that are key to success and are often examined.
Helpful tutor tips – These sections give tips on the examinability of topics and whether information is provided in the tax rates and allowances in the examination.
Supplementary reading – These sections will help to provide a deeper understanding of core areas. The supplementary reading is NOT optional reading. It is vital to provide you with the breadth of knowledge you will need to address the wide range of topics within your syllabus that could feature in an exam question. Reference to this text is vital when self studying.
Test your understanding – Exercises for you to complete to ensure that you have understood the topics just learned.
Illustration – Worked examples help you understand the core content better.
New topic – This symbol indicates new areas of study, building on knowledge gained from previous studies or the introduction of a completely new topic.
Links to other syllabus areas – This symbol refers to areas of interaction
with other parts of your syllabus, either in terms of other ACCA papers that you have studied, or may go on to study, or even further professional qualifications that you may decide to pursue on completion of ACCA.
Online subscribers Our online resources are designed to increase the flexibility of your learning materials and provide you with immediate feedback on how your studies are progressing.
If you are subscribed to our online resources you will find:
(1) Online reference material: reproduces your Study Text online, giving you anytime, anywhere access.
(2) Online testing: provides you with additional online objective testing so you can practice what you have learned further.
(3) Online performance management: immediate access to your online testing results. Review your performance by key topics and chart your achievement through the course relative to your peer group.
Ask your local student experience staff if you are not already a subscriber and wish to join.
Exam background
The aim of ACCA Advanced Taxation (ATX-UK), is to apply relevant knowledge and skills and exercise professional judgement in providing relevant information and advice to individuals and businesses on the impact of the major taxes on financial decisions and situations.
Objectives of the syllabus On the successful completion of this exam candidates should be able to:
Apply further knowledge and understanding of the UK tax system through the study of more advanced topics within the taxes studied previously and the study of stamp taxes.
Identify and evaluate the impact of relevant taxes on various situations and courses of action, including the interaction of taxes.
Provide advice on minimising and/or deferring tax liabilities by the use of standard tax planning measures.
Communicate with clients, HM Revenue and Customs and other professionals in an appropriate manner.
ACCA Performance Objectives
In order to become a member of the ACCA, as a trainee accountant you will need to demonstrate that you have achieved nine performance objectives. Performance objectives are indicators of effective performance and set the minimum standard of work that trainees are expected to achieve and demonstrate in the workplace. They are divided into key areas of knowledge which are closely linked to the exam syllabus.
There are five Essential performance objectives and a choice of fifteen Technical performance objectives which are divided into five areas.
The performance objectives which link to this exam are:
1 Ethics and professionalism (Essential)
2 Tax computations and assessments (Technical)
3 Tax compliance and verification (Technical)
4 Tax planning and advice (Technical)
The following link provides an in depth insight into all of the performance objectives:
https://www.accaglobal.com/content/dam/ACCA_Global/Students/per/PER- Performance-objectives-achieve.pdf
Progression
There are two elements of progression that we can measure: first how quickly students move through individual topics within a subject; and second how quickly they move from one course to the next. We know that there is an optimum for both, but it can vary from subject to subject and from student to student. However, using data and our experience of student performance over many years, we can make some generalisations.
A fixed period of study set out at the start of a course with key milestones is important. This can be within a subject, for example ‘I will finish this topic by 30 June’, or for overall achievement, such as ‘I want to be qualified by the end of next year’.
Your qualification is cumulative, as earlier papers provide a foundation for your subsequent studies, so do not allow there to be too big a gap between one subject and another. We know that exams encourage techniques that lead to some degree of short term retention, the result being that you will simply forget much of what you have already learned unless it is refreshed (look up Ebbinghaus Forgetting Curve for more details on this). This makes it more difficult as you move from one subject to another: not only will you have to learn the new subject, you will also have to relearn all the underpinning knowledge as well. This is very inefficient and slows down your overall progression which makes it more likely you may not succeed at all.
In addition, delaying your studies slows your path to qualification which can have negative impacts on your career, postponing the opportunity to apply for higher level positions and therefore higher pay.
You can use the following diagram showing the whole structure of your qualification to help you keep track of your progress.
Syllabus objectives
We have reproduced the ACCA’s syllabus below, showing where the objectives are explored within this book. Within the chapters, we have broken down the extensive information found in the syllabus into easily digestible and relevant sections, called Content Objectives. These correspond to the objectives at the beginning of each chapter.
The superscript numbers in square brackets indicate the intellectual level at which the subject area could be assessed within the examination.
Level 1 (knowledge and comprehension) broadly equates with the Applied Knowledge level.
Level 2 (application and analysis) with the Applied Skills level.
Level 3 (synthesis and evaluation) to the Strategic Professional level.
However, lower level skills can continue to be assessed as you progress through each level.
The Examination
Question 1 has 35 marks including four professional marks.
Question 2 has 25 marks.
There will also be five ethics marks included within this section.
Section B consists of two compulsory 20-mark questions covering both business and personal tax issues.
Candidates will be expected to undertake both calculation and narrative work. The questions will be scenario based and may involve consideration of more than one tax, some elements of planning and the interaction of taxes.
Tax rates, allowances and information on certain reliefs will be given in the exam.
Number of marks
Section A Two compulsory questions 60 Section B Two compulsory questions 40 –––– 100 ––––
Total time allowed: 3 hours and 15 minutes.
The pass mark is 50%.
Strategic Professional CBE
From March 2020, Strategic Professional exams will become available by computer based examination. This is being phased in on a market by market basis over the following sittings. The exam format may impact upon your approach to revision. For more information regarding what is available in your market, we therefore advise consulting the ACCA Global website.
For additional support with your studies please also refer to the ACCA Global website.
Examination tips Spend time reading the examination questions carefully. We recommend that 15 minutes should be spent reading and planning.
If 15 minutes are spent reading the examination questions, this leaves three hours to attempt the questions:
Divide the time you spend on questions in proportion to the marks on offer.
One suggestion for this examination is to allocate a maximum of 1.8 minutes to each mark available (180 minutes/100 marks), so a 20 mark question should be completed in approximately 36 minutes. If you plan to spend more or less time than 15 minutes reading the exam, your time allocation per mark will be different.
Unless you know exactly how to answer the question, spend some time planning your answer. Stick to the question and tailor your answer to what you are asked. Pay particular attention to the verbs in the question (e.g. calculate, explain, advise, state).
Spend the last five minutes reading through your answers and making any additions or corrections.
If you get completely stuck with a question, leave space in your answer and return to it later. You can attempt the questions in any order that you wish.
If you do not understand what a question is asking, state your assumptions. Even if you do not answer in precisely the way the examining team would hope for, you should be given some credit, if your assumptions are reasonable.
You should do everything you can to make things easy for the marker. The marker will find it easier to identify the points you have made if your answers are clearly set out and use appropriate headings.
Computations: It is essential to include all your workings in your answers. Many computational questions require the use of a standard format. Be sure you know these formats thoroughly before the examination and use the layouts that you see in the answers given in this book and in model answers.
Adopt a logical approach and cross reference workings to the main computation to keep your answer tidy and organised. Ensure all workings are labelled.
Reports, memos and other documents: some questions ask you to present your answer in the form of a report or a memo or other document. So use the correct format – there could be easy marks to gain here.
Communication of information It is important to use the appropriate format for the communication of information, both in real life and in the examination.
In the Section A scenario-type exam questions, the examining team will tell you if they wish you to present your answer in a specific format, for example: as a report, a letter, briefing notes, or a memorandum. There will be marks available for using the appropriate format and style. If you are sitting the exam as a CBE then you will be able to choose the most appropriate answer method, either a word processor or a spreadsheet.
The scenario questions are often open-ended, and will usually require you to analyse information, work through a series of steps and provide advice. Sometimes you may be advising a client directly, or you may be providing information to your manager in preparation for a meeting with a client.
You may have to state assumptions if incomplete information is provided, and may have to identify further information to be requested from your client. If you are asked to come to a conclusion, it is important that you do so.
Extracts from answers to past exam questions are shown below, to help you to see what the various formats could look like. These presentations do not have to be followed exactly, but give suggested layouts for you to follow in the examination.
The questions provided in Chapter 28 at the end of this material are not full examination standard questions, but will enable you to build up to answering such questions. Most ‘real’ examination questions are multi-tax questions, as you can see from the extracts below.
Full examination questions and answers with detailed guidance on how to approach each individual scenario, ‘walk through’ answers with tips and tutorial notes can be found in the Kaplan Publishing exam kit.
Report format
If you are asked to write a report in the exam, you should set it up as shown below.
The report should be broken down into clearly labelled sections, and you should write in full sentences. However, you should still try to use short paragraphs, and avoid showing lengthy calculations within the body of the report. Detailed calculations should be shown in an appendix to the report.
Study skills and revision guidance
This section aims to give guidance on how to study for your ACCA exams and to give ideas on how to improve your existing study techniques.
Preparing to study
Set your objectives Before starting to study decide what you want to achieve – the type of pass you wish to obtain. This will decide the level of commitment and time you need to dedicate to your studies.
Devise a study plan Determine which times of the week you will study.
Split these times into sessions of at least one hour for study of new material. Any shorter periods could be used for revision or practice.
Put the times you plan to study onto a study plan for the weeks from now until the exam and set yourself targets for each period of study – in your sessions make sure you cover the course, course assignments and revision.
If you are studying for more than one exam at a time, try to vary your subjects as this can help you to keep interested and see subjects as part of wider knowledge.
When working through your course, compare your progress with your plan and, if necessary, re-plan your work (perhaps including extra sessions) or, if you are ahead, do some extra revision/practice questions.
Effective studying
Active reading You are not expected to learn the text by rote. However, you do need to learn the tax rules and have a firm grasp of a considerable amount of detail (e.g. the conditions to be satisfied). You must also understand what you are reading and be able to use the rules to pass the exam and develop good practice.
A good technique to use is SQ3Rs – Survey, Question, Read, Recall, Review:
(1) Survey the chapter – look at the headings and read the introduction, summary and objectives, so as to get an overview of what the chapter deals with.
(2) Question – whilst undertaking the survey, ask yourself the questions that you hope the chapter will answer for you.
(3) Read – through the chapter thoroughly, answering the questions and making sure you can meet the objectives. Attempt the exercises and activities in the text, and work through all the examples.
(4) Recall – at the end of each section and at the end of the chapter, try to recall the main ideas of the section/chapter without referring to the text. This is best done after a short break of a couple of minutes after the reading stage.
(5) Review – check that your recall notes are correct, and make sure you have retained the facts and sufficient level of detail.
You may also find it helpful to re-read the chapter to try to see the topic(s) it deals with as a whole.
Note taking Taking notes is a useful way of learning, but do not simply copy out the text. The notes must:
be in your own words
be concise
be well organised
be modified as you study further chapters in this text or in related ones.
Trying to summarise a chapter without referring to the text can be a useful way of determining which areas you know and which you don't.
Three ways of taking notes: (1) Summarise the key points of a chapter. (2) Make linear notes – a list of headings, divided up with subheadings listing
the key points. If you use linear notes, you can use different colours to highlight key points and keep topic areas together. Use plenty of space to make your notes easy to use.
(3) Try a diagrammatic form – the most common of which is a mind map. To make a mind map, put the main heading in the centre of the paper and put a circle around it. Then draw short lines radiating from this to the main sub-headings, which again have circles around them. Then continue the process from the sub-headings to sub-sub-headings, advantages, disadvantages, etc.
Highlighting and underlining You may find it useful to underline or highlight key points in your study text – but do be selective. You may also wish to make notes in the margins.
Revision The best approach to revision is to revise the course as you work through it. Also try to leave four to six weeks before the examination for final revision. Make sure you cover the whole syllabus and pay special attention to those areas where your knowledge is weak. Here are some recommendations:
Read through the text and your notes again and condense your notes into key phrases. It may help to put key revision points onto index cards to look at when you have a few minutes to spare.
Review any assignments you have completed and look at where you lost marks – put more work into those areas where you were weak.
Practise examination standard questions under timed conditions. If you are short of time, list the points that you would cover in your answer and then read the model answer, but do try to complete at least a few questions under examination conditions. If you are planning to sit the examination as a CBE then practice in the ACCA software is important.
Also practise producing answer plans and comparing them to the model answer.
If you are stuck on a topic find somebody (a tutor) to explain it to you.
Read good newspapers and professional journals, especially ACCA's Student Accountant – this can give you an advantage in the exam.
Ensure you know the structure of the exam – how many questions and of what type you will be expected to answer. During your revision attempt all the different styles of questions you may be asked.
Further reading You can find further reading and technical articles under the student section of ACCA's website.
Tax rates and allowances
Supplementary instructions 1 You should assume that the tax rates and allowances for the tax year
2019/20 and for the financial year to 31 March 2020 will continue to apply for the foreseeable future unless you are instructed otherwise.
2 Calculations and workings need only to be made to the nearest £. 3 All apportionments should be made to the nearest month. 4 All workings should be shown.
INCOME TAX Normal rates
Dividend rates
Basic rate £1 – £37,500 20% 7.5% Higher rate £37,501 – £150,000 40% 32.5% Additional rate £150,001 and over 45% 38.1% Savings income nil rate band – Basic rate taxpayers £1,000 – Higher rate taxpayers £500 Dividend nil rate band £2,000
A starting rate of 0% applies to savings income where it falls within the first £5,000 of taxable income.
Personal allowance Personal allowance £12,500 Transferable amount £1,250 Income limit £100,000 Where adjusted net income is £125,000 or more, the personal allowance is reduced to zero.
Residence status
Days in UK Previously resident Not previously resident Less than 16 Automatically not resident Automatically not resident
16 to 45 Resident if 4 UK ties (or more) Automatically not resident 46 to 90 Resident if 3 UK ties (or more) Resident if 4 UK ties 91 to 120 Resident if 2 UK ties (or more) Resident if 3 UK ties (or more)
121 to 182 Resident if 1 UK tie (or more) Resident if 2 UK ties (or more) 183 or more Automatically resident Automatically resident
Remittance basis charge UK resident for: Charge Seven out of the last nine years £30,000 12 out of the last 14 years £60,000
Car benefit percentage
The relevant base level of CO2 emissions is 95 grams per kilometre.
The percentage rates applying to petrol cars (and diesel cars meeting the RDE2 standard) with CO2 emissions up to this level are:
50 grams per kilometre or less 16% 51 grams to 75 grams per kilometre 19% 76 grams to 94 grams per kilometre 22% 95 grams per kilometre 23%
Car fuel benefit
The base figure for calculating the car fuel benefit is £24,100.
Company van benefits
The company van benefit scale charge is £3,430, and the van fuel benefit is £655.
Individual savings accounts (ISAs)
Property income
Basic rate restriction applies to 75% of finance costs relating to residential properties.
Pension scheme limits Annual allowance £40,000 Minimum allowance £10,000 Threshold income limit £110,000 Income limit £150,000 Lifetime allowance £1,055,000
The maximum contribution that can qualify for tax relief without any earnings is £3,600
Approved mileage allowances: cars Up to 10,000 miles 45p Over 10,000 miles 25p
Capital allowances: rates of allowance Plant and machinery Main pool 18% Special rate pool 6%
Motor cars New cars with CO2 emissions up to 50 grams per kilometre 100% CO2 emissions between 51 and 110 grams per kilometre 18% CO2 emissions over 110 grams per kilometre 6%
Annual investment allowance Rate of allowance 100% Expenditure limit £1,000,000
Cash basis accounting Revenue limit £150,000
Cap on income tax reliefs
Unless otherwise restricted, reliefs are capped at the higher of £50,000 or 25% of income.
CORPORATION TAX Rate of tax – Financial year 2019 19% – Financial year 2018 19% – Financial year 2017 19% Profit threshold £1,500,000
VALUE ADDED TAX (VAT) Standard rate 20% Registration limit £85,000 Deregistration limit £83,000
INHERITANCE TAX: nil rate bands and tax rates Nil rate band £ 6 April 2019 to 5 April 2020 325,000 6 April 2018 to 5 April 2019 325,000 6 April 2017 to 5 April 2018 325,000 6 April 2016 to 5 April 2017 325,000 6 April 2015 to 5 April 2016 325,000 6 April 2014 to 5 April 2015 325,000 6 April 2013 to 5 April 2014 325,000 6 April 2012 to 5 April 2013 325,000 6 April 2011 to 5 April 2012 325,000 6 April 2010 to 5 April 2011 325,000 6 April 2009 to 5 April 2010 325,000 6 April 2008 to 5 April 2009 312,000 6 April 2007 to 5 April 2008 300,000 6 April 2006 to 5 April 2007 285,000 6 April 2005 to 5 April 2006 275,000 Residence nil rate band 150,000
Rate of tax on excess over nil rate band – Lifetime rate 20% – Death rate 40%
Inheritance tax: taper relief Years before death Percentage
reduction More than 3 but less than 4 years 20% More than 4 but less than 5 years 40% More than 5 but less than 6 years 60% More than 6 but less than 7 years 80%
CAPITAL GAINS TAX Normal
rates Residential
property Lower rate 10% 18% Higher rate 20% 28% Annual exempt amount £12,000 Entrepreneurs' relief and investors’ relief – Lifetime limit £10,000,000 – Rate of tax 10%
NATIONAL INSURANCE CONTRIBUTIONS Class 1 Employee £1 – £8,632 per year Nil £8,633 – £50,000 per year 12% £50,001 and above per year 2% Class 1 Employer £1 – £8,632 per year Nil £8,633 and above per year 13.8% Employment allowance £3,000 Class 1A 13.8% Class 2 £3.00 per week Small profits threshold £6,365 Class 4 £1 – £8,632 per year Nil £8,633 – £50,000 per year 9% £50,001 and above per year 2%
RATES OF INTEREST (assumed) Official rate of interest 2.50% Rate of interest on underpaid tax 3.25% Rate of interest on overpaid tax 0.50%
STANDARD PENALTIES FOR ERRORS
Careless 30% 0% 15%
STAMP DUTY LAND TAX Non-residential properties Up to £150,000 0% £150,001 – £250,000 2% £250,001 and above 5%
STAMP DUTY Shares 0.5%
Chapter learning objectives
Upon completion of this chapter you will be able to:
identify and evaluate the significance of accounting periods on administration or winding up
prepare the corporation tax computation and liability for a UK resident company
define related 51% group companies and recognise the effect for corporation tax
state when corporation tax is due for non-large companies and define a large company and explain how they are required to pay corporation tax on a quarterly basis
understand and explain the impact of taxation on the cash flows of a business
explain the principles of company self-assessment including the time limits for notifying/filing returns and claims and the penalties for non-compliance
explain the penalties for late payment of corporation tax
list the information and records that taxpayers need to retain for tax purposes together with the retention period.
Chapter
1
2 KAPLAN PUBLISHING
PER
One of the PER performance objectives (PO15) is to prepare computations of taxable amounts and tax liabilities in accordance with legal requirements. This includes calculating corporation tax, which is covered by this chapter. Working through this chapter should help you understand how to demonstrate that objective.
Chapter 1
Introduction
This and the following two chapters deal with the way in which companies are subject to corporation tax.
This chapter sets out the basis of assessment and explains how a company's corporation tax liability is calculated. Much of this chapter is a revision of rules covered in TX.
1 Corporation tax computation
Basis of assessment
UK resident companies are assessed to corporation tax on their taxable total profits (TTP) arising in an accounting period (AP).
TTP = income (excluding dividends received) plus net chargeable gains less qualifying charitable donations (QCDs).
Accounting period
Accounting period (AP) = the period for which a charge to corporation tax is made
– usually = 12 months and is the same as the company’s period of account
– can be less than 12 months
– cannot exceed 12 months.
Note that a company’s period of account is the period for which the company prepares its financial statements. It is usually 12 months but can be shorter or longer than 12 months.
Corporation tax: Computations and administration
4 KAPLAN PUBLISHING
If a company’s period of account exceeds 12 months, it must be split into two corporation tax APs:
– the first 12 months of the period of account
– followed by the balance of the period of account = short AP.
An AP starts when:
– a company starts to trade, or
– profits of a company first become liable to corporation tax, or
– the previous AP ends.
A new company must notify HMRC of its establishment within three months of the start of its first AP.
There is a separate obligation to notify HMRC of chargeability to tax within 12 months from the end of its period of account.
An AP ends on the earliest of:
– 12 months after it started
– the end of the period of account
– when the company ceases to trade, to be UK resident or ceases to be liable to corporation tax
– commences/ceases administration or winding up proceedings.
Illustration 1 – Accounting periods
AB Ltd was incorporated on 15 July 2019 and commenced to trade on 1 September 2019. The company chose 30 June as its accounting year end and prepared its first financial statements to 30 June 2020 and then for the twelve months to 30 June 2021.
State the dates of AB Ltd’s first two accounting periods.
Solution First AP: 1 September 2019 – 30 June 2020
(date of commencing trade until end of period of account).
Second AP: 1 July 2020 – 30 June 2021 (immediately after the end of the previous AP until the end of the period of account).
Note: An AP does not start on the incorporation of the company.
Chapter 1
Illustration 2 – Accounting periods
XY plc has been trading for many years, preparing its financial statements to 31 December each year. The board of directors decided to change the year end to 30 April.
State the accounting periods for XY plc if it prepared: (a) one set of financial statements covering the sixteen months to
30 April 2021, or (b) two sets of financial statements covering the four months to
30 April 2020 and the twelve months to 30 April 2021.
Solution (a) If one set of financial statements is prepared covering sixteen
months:
– a 12 month AP to 31 December 2020, and
– a 4 month AP to 30 April 2021.
(b) If two sets of financial statements are prepared:
the APs will be the same as the financial statements:
– 4 months to 30 April 2020
– 12 months to 30 April 2021.
Illustration 3 – Accounting periods on cessation
ZW Ltd has been trading for many years with a 30 June year end. Due to recent financial difficulties, it was decided that the company should be wound up.
ZW Ltd ceased trading on 31 December 2018 and on 30 April 2019 the winding up commenced. The winding up was completed on 31 March 2020.
State the dates of ZW Ltd’s accounting periods from 1 July 2018 onwards.
Solution 1 July 2018 to 31 December 2018
(immediately after the end of the previous AP until cessation of trade)
1 January 2019 to 30 April 2019
(immediately after the end of the previous AP until commencement of winding up proceedings)
1 May 2019 to 31 March 2020
(immediately after the end of the previous AP until completion of winding up proceedings)
Note: The company’s normal 30 June year end is ignored during the winding up process.
6 KAPLAN PUBLISHING
Pro forma corporation tax computation
Name of company Corporation tax computation – for AP ended: £ Trading profits X Interest income X Property income X Miscellaneous income X Net chargeable gains X –––– Total profits X Less: Qualifying charitable donations (QCDs) (amount paid = gross amount)
(X)
–––– Taxable total profits (TTP) X –––– Corporation tax liability (TTP × 19%) X Less: Double taxation relief (DTR) (Chapter 6) (X) –––– Corporation tax payable X ––––
Due date 9 months and one day after end of AP (unless ‘large company’ which pays in instalments – section 4)
File date 12 months after end of period of account
Notes: (1) Trading profits, interest income and property business profits includes
income from overseas sources.
(2) All income is included in the computation gross.
(3) QCDs include all donations to charity by a company (except those allowed as a trading expense).
(4) The detailed rules for calculating TTP are in Chapter 2.
Chapter 1
2 The corporation tax liability
A company’s corporation tax liability is calculated by applying the appropriate rate of corporation tax to the company’s taxable total profits.
Financial year
The rate of corporation tax is fixed by reference to financial years.
A financial year runs from 1 April to the following 31 March and is identified by the calendar year in which it begins.
The year commencing 1 April 2019 and ending on 31 March 2020 is the Financial Year 2019 (FY2019).
Financial years should not be confused with tax years for personal taxes, which run from 6 April to the following 5 April.
The rate of corporation tax applicable to FY2019 is 19%. The rates for FY2018 and FY2017 were also 19%.
The rates of corporation tax are included in the tax rates and allowances provided to you in the examination.
Accounting periods straddling 31 March
When a company's AP falls into two financial years, the corporation tax liability must be calculated for each financial year separately if either of the following change:
the corporation tax rate, or
the rules governing the calculation of corporation tax.
However, as the rate of corporation tax has been the same for the last three financial years and the rules governing the calculation of corporation tax have not changed, you will not need to split the calculation of the corporation tax liability in the ATX exam.
8 KAPLAN PUBLISHING
Due date
The payment date for corporation tax depends on the size of the company:
For companies which are not ‘large’:
– due date = nine months and one day after the end of the AP.
For ‘large’ companies:
– the liability is settled through quarterly instalment payments, starting during the accounting period.
All companies must pay their corporation tax electronically.
Penalties for late payment are covered in section 5.
Definition of a large company
A large company is one whose augmented profits for the accounting
period in question are more than the profit threshold of £1.5 million (but less than £20 million).
Companies with augmented profits of no more than £1.5 million are not large and are therefore not required to pay corporation tax by instalments.
Augmented profits are calculated as follows:
£ Taxable total profits (TTP) X Plus: Dividends received from non-group companies X –––– Augmented profits X ––––
Dividends received Although dividends received from UK and overseas companies are exempt from corporation tax, they can have an impact on whether a company is large and therefore whether corporation tax needs to be paid by instalments.
The amount of cash dividends received are added to TTP in order to arrive at the augmented profits figure.
Dividends received from an overseas company are included, but they may have been subject to tax in the overseas country. Any overseas tax suffered is ignored. Accordingly, only the actual cash received is included in this calculation (in the same way as UK dividends).
Dividends received from related 51% group companies (see below) are also ignored in the calculation.
Chapter 1
KAPLAN PUBLISHING 9
Remember that augmented profits determine the due date, but the corporation tax liability is always calculated on a company’s TTP (not its augmented profits).
The £1.5 million threshold The £1.5 million threshold may need to be adjusted as follows:
– Short AP: time apportion
divide by the total number of group companies.
The threshold of £1.5 million is included within the tax rates and allowances provided to you in the examination.
Test your understanding 1
Beech Ltd has the following results for the nine months ended 31 March 2020.
TTP £330,000
Dividends received from UK companies £20,000
Calculate the CT liability and state when it will be payable.
Related 51% group companies
One is a 51% subsidiary of the other, or
Both are 51% subsidiaries of a third company.
A 51% subsidiary is one where more than 50% of the ordinary share capital is directly or indirectly owned.
Examples of each situation: One company is a 51% subsidiary of the other(s).
10 KAPLAN PUBLISHING
X Ltd, Y Ltd and Z Ltd are related.
Note that where shares are owned indirectly, the effective interest must be more than 50%:
H Ltd has an effective interest in T Ltd of 56% (70% × 80%), therefore both S Ltd and T Ltd are 51% subsidiaries of H Ltd.
The definition of related 51% group companies (often abbreviated to 51% group companies) specifically includes:
overseas resident companies
dormant companies, and
non-trading holding companies.
The number of 51% companies in a group for an AP is determined at the end of the previous AP. Therefore:
Companies that join the 51% group during the accounting period are deemed to be part of the group from the beginning of the following accounting period.
Companies that leave the 51% group during the accounting period are deemed to still be part of the group until the end of the current accounting period.
If two companies are over 50% owned by an individual they are not 51% group companies. Companies can only be linked through a corporate parent company.
Chapter 1
All companies except Z Inc are UK resident and prepare financial statements to 31 March 2020.
State which companies are 51% group companies of A Ltd and calculate the profit threshold that will apply in determining whether A Ltd will be required to pay corporation tax by instalments for the year ended 31 March 2020.
The consequences of 51% group companies
The consequences of having 51% group companies are:
The £1.5m threshold used to determine whether the company is 'large' for the purposes of paying corporation tax quarterly instalments is divided by the total number of 51% group companies.
Dividends received from 51% subsidiaries (UK and overseas) are excluded from the calculation of augmented profits for the purposes of deciding if corporation tax should be paid via quarterly instalments.
Quarterly instalments for large companies
Instalments paid by a 'large' company are based on the expected corporation tax liability for the current accounting period. It is therefore necessary for companies to produce an accurate forecast of their current period tax liability.
Companies will normally be able to obtain a refund if they subsequently find that instalments have been overpaid.
For a twelve month accounting period, four quarterly instalments are due:
by the 14th day
of months 7, 10, 13 and 16 following the start of the accounting period.
A Ltd
Z Ltd
Z Inc
B Ltd
Exception to instalments for large companies
Large companies which do not have to pay by instalments are as follows:
companies whose liability for the year is below £10,000 (or a pro rata amount if the AP is less than 12 months long)
companies that have become large during the AP provided:
(i) they were not large for the previous AP, and
(ii) their augmented profits for the AP do not exceed £10 million (reduced accordingly if there are related 51% group companies or a short AP).
Q plc is a single company with no 51% group companies.
On 1 February 2020 Q plc estimates that its taxable total profits will be £2,400,000 for the year ended 31 October 2020. Its taxable total profits for the year ended 31 October 2019 were £1,700,000 and for the year ended 31 October 2018 £1,200,000.
Q plc does not receive any dividends.
(a) Calculate Q plc’s corporation tax liabilities for the years ended 31 October 2019 and 31 October 2020 and explain how they will be paid. Assume you are writing in June 2020 and that the FY2019 rates apply throughout.
(b) In July 2020 the company revises its forecast taxable total profit figure to £2,640,000. State the difference, if any, this will make to their corporation tax payments.
Special rules apply if the accounting period is less than 12 months.
Short accounting periods for large companies
Where the accounting period is less than 12 months:
First instalment due by: 14th day of 7th month after the start of the AP (as normal)
Subsequent instalments are due at three monthly intervals thereafter, until the date of the last instalment (see below) is reached.
Last instalment due by: 14th day of 4th month after the end of the accounting period.
For an accounting period of three months or less applying the above instalment rules would result in the date of the first instalment being later than the last instalment. Therefore, in this situation the full tax due for the accounting period is due on the date of the last instalment, i.e. 14th day of 4th month after the end of the accounting period.
Chapter 1
KAPLAN PUBLISHING 13
The amount of each instalment: = (estimated CT liability for AP) × (n/length of AP)
Where n = 3 months for a full quarterly instalment
But n = 2 or 1 for the last instalment if the period since the previous instalment is less than 3 months.
Illustration 4 – Quarterly instalment payments for large companies
ABC plc prepared accounts for the eight months ended 31 December 2019 and estimates its corporation liability will be £800,000.
Show when ABC plc’s corporation tax liability will be due.
Solution ABC plc’s corporation tax liability is due by instalments:
£300,000 on 14 November 2019
£300,000 on 14 February 2020
£200,000 on 14 April 2020
Interest
Late payment interest:
runs from: the normal due date on any tax paid late
to: the date of payment, and
This interest is deducted from interest income in the corporation tax computation.
Any repayment of tax made by HMRC will attract interest:
from the later of:
– the actual date of payment
to: the date of repayment.
This interest is taxable and is included in interest income in the corporation tax computation.
The interest rates will be provided in the tax rates and allowances provided in the examination.
Group payment arrangements
Group payment arrangements are available for 51% group companies where at least one group company pays corporation tax by quarterly instalments.
The effect is as follows:
One group company pays quarterly instalments of corporation tax on behalf of the group.
This can save interest, as overpayments are effectively netted off against underpayments.
Without a group payment arrangement, the interest charged on underpayments is likely to be more than the interest received on overpayments.
However, each company must still prepare a separate corporation tax computation at the end of the AP.
Impact of taxation on the cash flows of a business
Companies need to take account of their tax payments when considering their cash flow forecasts for the year.
This will be a particular problem when the company changes to quarterly instalments for the first time.
4 Self-assessment for companies
calculate their own corporation tax liability for each AP
submit a self-assessment corporation tax return within 12 months after the end of the period of account
pay any corporation tax due within nine months and one day after the end of the AP or under the quarterly instalment system.
Given the timing of the due date for payment of tax, many companies will aim to complete the self-assessment tax return prior to the normal nine month deadline for paying the corporation tax to enable them to pay an accurate amount of tax and avoid interest charges on underpaid tax.
Chapter 1
Notification of chargeability
A company coming within the scope of corporation tax for the first time must notify HMRC when its first accounting period begins, within three months of the start of its first accounting period.
Companies that do not receive a notice to file a corporation tax return are required to notify HMRC if they have income or chargeable gains on which tax is due.
The time limit for notifying HMRC of chargeability is 12 months from the end of the accounting period in which the liability arises.
A standard penalty may be imposed for failure to notify HMRC of chargeability (see section 5).
The self-assessment tax return
The self-assessment tax return (Form CT600) must be submitted by the later of:
12 months after the end of the accounting period; or
three months after the issue of the notice to file a return.
The return must:
contain all the information required to calculate the company’s taxable total profits
include a self-assessment of the amount of corporation tax payable for that accounting period
be submitted online.
A company has to submit a copy of its financial accounts together with the self-assessment tax return.
Determination assessments
To prevent companies deliberately delaying the submission of a return, HMRC have the following actions available if a return is not filed by the relevant due date:
HMRC may determine the amount of corporation tax due by issuing a determination assessment.
The determination assessment is treated as a self-assessment by the company, and will be replaced by the actual self-assessment when it is submitted by the company.
There is no right of appeal against a determination assessment. Instead, the company must displace it with the actual self- assessment return.
A determination assessment can be raised by HMRC at any time within three years of the filing date (i.e. four years from the end of the period of account).
Chapter 1
Records
Companies are required to keep and preserve records necessary to make a correct and complete return.
The records that must be kept include records of:
all receipts and expenses
all goods purchased and sold
all supporting documents relating to the transactions of the business, such as accounts, books, contracts and receipts.
The records must be retained until the later of:
six years after the end of the accounting period to which they relate
the date on which a compliance check into the return is completed
the date on which it becomes impossible for a compliance check to be started.
A penalty may be charged for failure to keep or retain adequate records.
The maximum penalty is only likely to be imposed in the most serious cases, such as where a company deliberately destroys its records in order to obstruct a HMRC compliance check.
See section 5 for the detail of penalties that can be imposed.
Amendments and errors
Amendments to the return
HMRC may correct any obvious errors or mistakes within nine months of the date that the return is filed. For example, they will correct arithmetical errors or errors of principle. This type of correction does not mean that HMRC has accepted the return as accurate.
A company can amend the return within 12 months of the filing date. For an AP ending on 31 March 2020, the filing date is 31 March 2021, and the company has until 31 March 2022 to make any amendments.
If an error is discovered at a later date, then the company can make a claim for overpayment relief to recover any overpayments of corporation tax.
Claim for overpayment relief
Where an assessment is excessive due to an error or mistake in a return, the company can claim relief.
A claim can be made in respect of errors made, and mistakes arising from not understanding the law.
The claim must be made within four years of the accounting period to which it relates.
Compliance checks into returns
HMRC have the right to check the completeness and accuracy of any self-assessment tax return and issue discovery assessments under their compliance check powers. The procedures and rules are similar to those for individuals.
The compliance check may be made as a result of any of the following:
suspicion that income is undeclared
suspicion that deductions are being incorrectly claimed
other information in HMRC’s possession
being part of a random selection process.
Additional points:
HMRC do not have to state a reason for the compliance check and are unlikely to do so.
HMRC must give written notice before commencing an compliance check by the following dates:
If return filed: Notice must be issued within 12 months of:
On time the actual delivery of the tax return to HMRC
Late the 31 January, 30 April, 31 July or 31 October next following the actual date of delivery of the tax return to HMRC
Once this deadline is passed, the company can normally consider the self-assessment for that accounting period as final.
Chapter 1
Compliance check procedure
HMRC can demand that the company produce any or all of the following:
documents
accounts
full answers to specific questions.
The information requested should be limited to that connected with the return.
The company has 30 days to comply with the request. An appeal can be made against the request.
The compliance check ends when HMRC give written notice that it has been completed.
The notice will state the outcome of the compliance check and any HMRC amendments to the self-assessment.
A company has 30 days to appeal, in writing, against HMRC's amendment.
Refer to Chapter 16 for more details about appeal procedures.
Discovery assessments
HMRC has the capacity to raise additional assessments, referred to as discovery assessments. The key points are:
Although compliance checks must normally begin within 12 months of the actual submission date, a discovery assessment can be raised at a later date to prevent the loss of corporation tax.
The use of a discovery assessment is restricted where a self- assessment return has already been made. Unless the loss of corporation tax was brought about carelessly or deliberately by the company, a discovery assessment cannot be raised where full disclosure was made in the return, even if this is found to be incorrect.
HMRC will only accept that full disclosure has been made if any contentious items have been clearly brought to their attention – perhaps in a covering letter.
Therefore, only a company that makes full disclosure in the self- assessment tax return has absolute finality 12 months after the actual submission date.
The time limit for making a discovery assessment is:
Time from the end of the AP Basic time limit four years
Careless error six years
Deliberate error twenty years
5 Penalties
In addition to interest on the late payment of tax, HMRC can impose penalties.
Standard penalty
HMRC has standardised penalties across the taxes for the submission of incorrect returns and failure to notify liability to tax.
The rules are explained in Chapter 16, section 7.
The penalty is calculated as a percentage of ‘potential lost revenue’ which is generally the tax unpaid. The percentage charged can be reduced where the taxpayer makes a disclosure and co-operates with HMRC to establish the amount of tax unpaid.
Other penalties
within three months of filing date
more than three months after filing date
Fixed penalty = £100 (Note)
Additional penalties:
More than 12 months after filing date
Additional 10% of tax outstanding six months after filing date
Additional penalty increased to 20%
Note: Fixed penalties rise to £500 and £1,000 if persistently filed late (i.e. return for two preceding periods also late)
Failure to keep required records Up to £3,000 per accounting period
Chapter 1
Test your understanding answers
Beech Ltd £ TTP 330,000 Plus: Dividends received from non-group companies 20,000 ––––––– Augmented profits 350,000 –––––––
Corporation tax payment threshold must be scaled down as the AP is only nine months long.
Threshold (£1,500,000 × 9/12) £1,125,000
Augmented profits fall below the threshold and therefore Beech Ltd is not large
Corporation tax on TTP (£330,000 × 19%) £62,700 ––––––– Due date 1 January 2021
A Ltd A Ltd has three 51% group companies: Z Ltd, Z Inc and B Ltd.
Z Inc is a 51% group company even though it is incorporated overseas.
D Ltd is not a 51% subsidiary of A Ltd as A Ltd only owns 39% (65% × 60%) of D Ltd. Note that D Ltd is a 51% subsidiary of B Ltd, but that is not relevant for this question.
C Ltd is deemed not to be a 51% group member for the year ended 31 March 2020 as it was purchased during the year. It will be included from 1 April 2020.
E Ltd is excluded from being a 51% group company as it is dormant throughout the accounting period.
As A Ltd has three 51% group companies, the profit threshold must be divided by four companies:
Threshold = (£1,500,000 ÷ 4) = £375,000
This means that if A Ltd’s augmented profits exceed £375,000, it will be required to pay its corporation tax liability by quarterly instalments.
Chapter 1
The company will be liable to corporation tax as follows:
Y/e 31 October 2019 (£1,700,000 × 19%) £323,000 –––––––– Y/e 31 October 2020 (£2,400,000 × 19%) £456,000 ––––––––
Payment dates Y/e 31 October 2019
As Q plc’s augmented profit (TTP = augmented profit as no dividends received) for the y/e 31 October 2018 was less than the profits threshold of £1.5 million, the company was not large for corporation tax purposes in this AP.
Q plc’s augmented profit of £1.7 million for the y/e 31 October 2019 exceeds the profits threshold of £1.5 million, but quarterly instalment payments will not be due as the company was not large in the previous AP (y/e 31 October 2018) and its augmented profit does not exceed £10 million.
Accordingly, the liability of £323,000 for the y/e 31 October 2019 will be due on 1 August 2020 (9 months and 1 day after the end of the AP).
Y/e 31 October 2020
For the y/e 31 October 2020, as the augmented profits exceed the profits threshold of £1.5 million and the company was large in the previous AP, they will have to pay the £456,000 liability in quarterly instalments as follows:
Due date £ 14 May 2020 114,000 14 August 2020 114,000 14 November 2020 114,000 14 February 2021 114,000 ––––––– 456,000 –––––––
Note that interest will be charged from the due date until the date of payment for any instalments paid late (see section on interest later in chapter). This interest is an allowable deduction from interest income.
(b) If Q plc revises its forecast If the profit forecast is revised upwards the company will have to revise its forecast tax payments.
The corporation tax liability will increase to £501,600 ((£2,640,000 × 19%).
Quarterly payments should therefore be £125,400 (£501,600 × 1/4).
Therefore an extra £11,400 (£125,400 – £114,000) will be due for each instalment.
As the instalment for May has already been paid, the additional £11,400 will attract interest from 14 May 2020 until it is paid (see section on interest later in chapter).
<< /ASCII85EncodePages false /AllowTransparency false /AutoPositionEPSFiles true /AutoRotatePages /None /Binding /Left /CalGrayProfile (Dot Gain 20%) /CalRGBProfile (sRGB IEC61966-2.1) /CalCMYKProfile (U.S. Web Coated \050SWOP\051 v2) /sRGBProfile (sRGB IEC61966-2.1) /CannotEmbedFontPolicy /Error /CompatibilityLevel 1.4 /CompressObjects /Tags /CompressPages true /ConvertImagesToIndexed true /PassThroughJPEGImages true /CreateJobTicket false /DefaultRenderingIntent /Default /DetectBlends true /DetectCurves 0.0000 /ColorConversionStrategy /CMYK /DoThumbnails false /EmbedAllFonts true /EmbedOpenType false /ParseICCProfilesInComments true /EmbedJobOptions true /DSCReportingLevel 0 /EmitDSCWarnings false /EndPage -1 /ImageMemory 1048576 /LockDistillerParams false /MaxSubsetPct 100 /Optimize true /OPM 1 /ParseDSCComments true /ParseDSCCommentsForDocInfo true /PreserveCopyPage true /PreserveDICMYKValues true /PreserveEPSInfo true /PreserveFlatness true /PreserveHalftoneInfo false /PreserveOPIComments true /PreserveOverprintSettings true /StartPage 1 /SubsetFonts true /TransferFunctionInfo /Apply /UCRandBGInfo /Preserve /UsePrologue false /ColorSettingsFile () /AlwaysEmbed [ true ] /NeverEmbed [ true ] /AntiAliasColorImages false /CropColorImages true /ColorImageMinResolution 300 /ColorImageMinResolutionPolicy /OK /DownsampleColorImages true /ColorImageDownsampleType /Bicubic /ColorImageResolution 300 /ColorImageDepth -1 /ColorImageMinDownsampleDepth 1 /ColorImageDownsampleThreshold 1.50000 /EncodeColorImages true /ColorImageFilter /DCTEncode /AutoFilterColorImages true /ColorImageAutoFilterStrategy /JPEG /ColorACSImageDict << /QFactor 0.15 /HSamples [1 1 1 1] /VSamples [1 1 1 1] >> /ColorImageDict << /QFactor 0.15 /HSamples [1 1 1 1] /VSamples [1 1 1 1] >> /JPEG2000ColorACSImageDict << /TileWidth 256 /TileHeight 256 /Quality 30 >> /JPEG2000ColorImageDict << /TileWidth 256 /TileHeight 256 /Quality 30 >> /AntiAliasGrayImages false /CropGrayImages true /GrayImageMinResolution 300 /GrayImageMinResolutionPolicy /OK /DownsampleGrayImages true /GrayImageDownsampleType /Bicubic /GrayImageResolution 300 /GrayImageDepth -1 /GrayImageMinDownsampleDepth 2 /GrayImageDownsampleThreshold 1.50000 /EncodeGrayImages true /GrayImageFilter /DCTEncode /AutoFilterGrayImages true /GrayImageAutoFilterStrategy /JPEG /GrayACSImageDict << /QFactor 0.15 /HSamples [1 1 1 1] /VSamples [1 1 1 1] >> /GrayImageDict << /QFactor 0.15 /HSamples [1 1 1 1] /VSamples [1 1 1 1] >> /JPEG2000GrayACSImageDict << /TileWidth 256 /TileHeight 256 /Quality 30 >> /JPEG2000GrayImageDict << /TileWidth 256 /TileHeight 256 /Quality 30 >> /AntiAliasMonoImages false /CropMonoImages true /MonoImageMinResolution 1200 /MonoImageMinResolutionPolicy /OK /DownsampleMonoImages true /MonoImageDownsampleType /Bicubic /MonoImageResolution 1200 /MonoImageDepth -1 /MonoImageDownsampleThreshold 1.50000 /EncodeMonoImages true /MonoImageFilter /CCITTFaxEncode /MonoImageDict << /K -1 >> /AllowPSXObjects false /CheckCompliance [ /None ] /PDFX1aCheck false /PDFX3Check false /PDFXCompliantPDFOnly false /PDFXNoTrimBoxError true /PDFXTrimBoxToMediaBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXSetBleedBoxToMediaBox true /PDFXBleedBoxToTrimBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXOutputIntentProfile () /PDFXOutputConditionIdentifier () /PDFXOutputCondition () /PDFXRegistryName () /PDFXTrapped /False /CreateJDFFile false /Description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> /CHS <FEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002> /CHT <FEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002> /CZE <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> /DAN <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> /DEU <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> /ESP <FEFF005500740069006c0069006300650020006500730074006100200063006f006e0066006900670075007200610063006900f3006e0020007000610072006100200063007200650061007200200064006f00630075006d0065006e0074006f00730020005000440046002000640065002000410064006f0062006500200061006400650063007500610064006f00730020007000610072006100200069006d0070007200650073006900f3006e0020007000720065002d0065006400690074006f007200690061006c00200064006500200061006c00740061002000630061006c0069006400610064002e002000530065002000700075006500640065006e00200061006200720069007200200064006f00630075006d0065006e0074006f00730020005000440046002000630072006500610064006f007300200063006f006e0020004100630072006f006200610074002c002000410064006f00620065002000520065006100640065007200200035002e003000200079002000760065007200730069006f006e0065007300200070006f00730074006500720069006f007200650073002e> /ETI <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> /FRA <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> /GRE <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a stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke. Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 5.0 i kasnijim verzijama.) /HUN <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> /ITA <FEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002e> /JPN <FEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002> /KOR <FEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002e> /LTH <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> /LVI <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> /NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit. De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 5.0 en hoger.) /NOR <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> /POL <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> /PTB <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> /RUM <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> /RUS <FEFF04180441043f043e043b044c04370443043904420435002004340430043d043d044b04350020043d0430044104420440043e0439043a043800200434043b044f00200441043e043704340430043d0438044f00200434043e043a0443043c0435043d0442043e0432002000410064006f006200650020005000440046002c0020043c0430043a04410438043c0430043b044c043d043e0020043f043e04340445043e0434044f04490438044500200434043b044f00200432044b0441043e043a043e043a0430044704350441044204320435043d043d043e0433043e00200434043e043f0435044704300442043d043e0433043e00200432044b0432043e04340430002e002000200421043e043704340430043d043d044b04350020005000440046002d0434043e043a0443043c0435043d0442044b0020043c043e0436043d043e0020043e0442043a0440044b043204300442044c002004410020043f043e043c043e0449044c044e0020004100630072006f00620061007400200438002000410064006f00620065002000520065006100640065007200200035002e00300020043800200431043e043b043504350020043f043e04370434043d043804450020043204350440044104380439002e> /SKY <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> /SLV <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> /SUO <FEFF004b00e40079007400e40020006e00e40069007400e4002000610073006500740075006b007300690061002c0020006b0075006e0020006c0075006f00740020006c00e400680069006e006e00e4002000760061006100740069007600610061006e0020007000610069006e006100740075006b00730065006e002000760061006c006d0069007300740065006c00750074007900f6006800f6006e00200073006f00700069007600690061002000410064006f0062006500200050004400460020002d0064006f006b0075006d0065006e007400740065006a0061002e0020004c0075006f0064007500740020005000440046002d0064006f006b0075006d0065006e00740069007400200076006f0069006400610061006e0020006100760061007400610020004100630072006f0062006100740069006c006c00610020006a0061002000410064006f00620065002000520065006100640065007200200035002e0030003a006c006c00610020006a006100200075007500640065006d006d0069006c006c0061002e> /SVE <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

Documents

ACCA - kaplan-learning.com