Question 1

Section B - Case 3: Titanium Forging PLC

Titanium Forging PLC is a heavy manufacturing company. It recently changed its accounting date, resulting in a 15-month period of account from 1 January 2023 to 31 March 2024.

Titanium Forging PLC is classified as a 'large' company for quarterly installment payment (QIP) purposes. For its 12-month accounting period ended 31 December 2023, when is the final (fourth) quarterly installment payment due?

Accepted Answer

Recall the QIP timeline for large companies: 14th day of the 7th, 10th, 13th, and 16th months from the start of the period (or 3 months and 14 days after the end).

Question 2

What mistakes do candidates make on this ACCA question?

Accepted Answer

Confusing the 'large' company dates with 'very large' company dates (where the final payment is in the 12th month).

How to approach this question

Full Answer

Common mistakes

Practice the full ACCA TX — Taxation Practice Exam 4

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