ACCA – ATX QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS

Residency & Tax correct answer: Resident = UK + Worldwise Non Resident = UK Income Define Residency correct answer: Auto No Auto Yes Auto No correct answer: In UK "Short Stay" <16 days + Previous Resident <46 days + Never resident <91 days + Employed Abroad Auto Yes correct answer: >183 days Only Home in UK Employed Full-Time Residency Ties correct answer: 1. Close family in UK (Wife, child). 2. House in UK used 1+ night 3. In UK more other country. 4. In UK 90+ days in either previous 2 tax years. 5. Doing 40+ days work in the UK Test for Corporate UK residence correct answer: Incorporated in UK Managed and Operated from UK Corporation Tax correct answer: _ Accounting Period Starts correct answer: Incorporated Receives taxable income Immediately after end of previous period Accounting Period correct answer: 12 months from start SOFP date Cessation of trade Can tax be more than 12 months? correct answer: No. 1. Split to 12 months