问答题
5.Retro Ltd’s summarised statement of profit or loss for the year ended 31 March 2015 is as follows:
Note 2 – Impairment loss
On 31 March 2015, Retro Ltd wrote off an impairment loss of ￡1,600 relating to a trade debt. This was in respect of an invoice which had been due for payment on 10 November 2014.
Note 3 – Leasing costs
The leasing costs of ￡4,400 are in respect of a motor car lease which commenced on 1 April 2014. The leased motor car has CO2 emissions of 145 grams per kilometre.
Note 4 – Other expenses
The figure of ￡205,160 for other expenses includes a fine of ￡5,100 for a breach of health and safety regulations,and legal fees of ￡4,860 in connection with the defence of Retro Ltd’s internet domain name. The remaining expenses are all fully allowable.
Note 5 – Interest payable
The interest payable is in respect of the company’s 5% loan notes which were repaid on 31 July 2014. Interest of ￡9,600 was paid on 31 July 2014, and an accrual of ￡3,200 had been provided for at 1 April 2014. The loan notes were issued in order to finance the company’s trading activities.
Additional information
Plant and machinery
On 1 April 2014, the tax written down value of the plant and machinery main pool was ￡39,300.
The following vehicles were purchased during the year ended 31 March 2015:
Previous results
Retro Ltd commenced trading on 1 September 2012. The company’s results for its two previous periods of trading are as follows:
Note 2 – Impairment loss
On 31 March 2015, Retro Ltd wrote off an impairment loss of ￡1,600 relating to a trade debt. This was in respect of an invoice which had been due for payment on 10 November 2014.
Note 3 – Leasing costs
The leasing costs of ￡4,400 are in respect of a motor car lease which commenced on 1 April 2014. The leased motor car has CO2 emissions of 145 grams per kilometre.
Note 4 – Other expenses
The figure of ￡205,160 for other expenses includes a fine of ￡5,100 for a breach of health and safety regulations,and legal fees of ￡4,860 in connection with the defence of Retro Ltd’s internet domain name. The remaining expenses are all fully allowable.
Note 5 – Interest payable
The interest payable is in respect of the company’s 5% loan notes which were repaid on 31 July 2014. Interest of ￡9,600 was paid on 31 July 2014, and an accrual of ￡3,200 had been provided for at 1 April 2014. The loan notes were issued in order to finance the company’s trading activities.
Additional information
Plant and machinery
On 1 April 2014, the tax written down value of the plant and machinery main pool was ￡39,300.
The following vehicles were purchased during the year ended 31 March 2015:
Previous results
Retro Ltd commenced trading on 1 September 2012. The company’s results for its two previous periods of trading are as follows:
问答题
(a) Calculate Retro Ltd’s tax adjusted trading loss for the year ended 31 March 2015.
Note: Your computation should commence with the loss before taxation figure of ￡120,000, and should also list all of the items referred to in notes (1) to (5), indicating by the use of zero (0) any items which do not require adjustment. (9 marks)
【正确答案】
【答案解析】
问答题
(b) Assuming that Retro Ltd claims relief for its trading loss as early as possible, calculate the company’s taxable total profits for the year ended 31 August 2013 and for the seven-month period ended 31 March 2014.(4 marks)
【正确答案】
【答案解析】
问答题
(c) Identify the amount of unrelieved trading loss which Retro Ltd will have at 31 March 2015, and state how this can be relieved. (2 marks)
【正确答案】(1) The amount of unrelieved trading loss at 31 March 2015 is ￡64,295 (136,320 – 47,900 – 24,125).
(2) The unrelieved trading loss can be carried forward and will be relieved against the first available trading profits of the same trade.
【答案解析】