ACCA F6 UK ( taxation ) - Income tax proforma

F6 paper of ACCA has many formats for calculating different types of taxes . Most common type of taxes are income tax , capital gains tax ( CGT ), inheritance tax ( IHT ),value added
tax (VAT) and corporation tax (CT). In every area of F6 paper
,taxation UK there are a lot of formats/proformas to calculate these different types of taxes easily in a professional way.

But income tax format / proforma is one which is very important , because it is examined in every exam session in income tax calculation question .


So after a lot of research and consultation of books , notes i prepared below given income tax proforma for ACCA F6 UK taxation paper students . Hope so it will help you a lot in your studies . Best of luck :)

                                                UK -  Income Tax Format / Proforma


 Terms                                Non Saving Income            Savings Income                Dividens

                                                        £                                      £                                    £  

Trading profits                                  xxx
Employment income                        xxx
                                                  _______

Non - Saving Earned income        xxx


Pension                                          xxx
Property business income                xxx
Income from discretionary trust         xxx    
Dividends from REIT*                        xxx
Other income from IIP*                      xxx
Foreign Income                                xxx
                                                 _______

Other Non - Saving Income           xxx    


Interest Received                                                                   xxx
Interest from IIP*                                                                    xxx
Foreign Interest                                                                     xxx
                                                                                        _______

Savings Income                                                                  xxx



Dividends from UK companies                                                                                        xxx
Foreign dividends                                                                                                          xxx

Dividends from IIP*                                                                                                        xxx
                                                                                                                                _______


Dividends                                                                                                                    xxx



                                                   ______                            _______                          _______

Total Income                                xxx                                  xxx                                 xxx


Less : Reliefs

Qualifying loan interest                  (xxx)
Loss relief                                    (xxx)

                                                 ________                            _________                       ________


Net Income                                  xxx                                    xxx                                  xxx


Less: Personal Allowance               xxx
                                                ________                            _________                         ________



Taxable Income                         xxx                                      xxx                                   xxx    
                                               _________                          __________                        ________


Tax calculation at tax rates            (xxx)

Less:Tax reducers
VCT*                                             xxx
EIS*                                              xxx
SEIS*                                            xxx
DTR*                                             xxx
                                              _________

Income Tax liability                    (xxx)

Less: Tax credits                            xxx
                                             __________


Income Tax Payable                   (xxx)

                                              __________

REIT*    Real estate investment trust
VCT *    Venture capital trust
EIS  *    The enterprise investment scheme 
SEIS*    Seed enterprise investment scheme 
DTR *    Double taxation relief 
IIP   *    Interest in possession 

 

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