ACA Masters learning

Question 1

What taxes are individuals (employees) liable to?

Answer 1

IT on employment income (cash & benefits)

Class 1 Primary NIC (Cash)

Question 2

What taxes do unincorporated businesses (sole traders and partnerships) face?

Answer 2

IT on trading profits
Class 2 and 4 NIC
Class 1 Secondary NIC on cash
Class 1a NIC on benefits
CGT on gains

Question 3

What taxes do owners of limited companies pay?

Answer 3

IT on dividends
CGT on gains

Question 4

What taxes does a limited company pay?

Answer 4

Class 1 Secondary NIC
Class 1a NIC
Corporation tax

Question 5

What are the 3 taxable benefits with specific calculations?

Answer 5

Accomodation

Cars

Vans

Question 6

How are allowable costs treated?

Answer 6

Already included - do nothing

Not included - deduct

Question 7

How are disallowable costs treated?

Answer 7

Already included - add back

Not included - do nothing

Question 8

Do companies pay class 4 NIC?

Answer 8

No

Question 9

Are vouchers paid as part of class 1 secondary NIC?

Answer 9

Yes