Assessment MCQ Corrections Flashcards

Contains information I got wrong/missed on MCQ's

1
Q

What type of resolution is required for a long-term service contract?

A

Ordinary

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2
Q

What is the fastest way to grant a long-term service contract?

A

Written resolution because you can’t shorten the in person version because a memorandum needs to be available for inspection not less than 15 days ending with the date of the meeting

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3
Q

What type of resolution is required to approve a loan to a director?

A

Ordinary

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4
Q

What must be made available for inspection before approving a loan to a director?

A

A memorandum setting out the nature, amount and purpose of the loan

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5
Q

What type of resolution is required to remove a director?

A

Ordinary

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6
Q

Can an incorporated company be considered a quasi-partnership regarding dismissal of a director and minority shareholder for an unfair prejudice claim?

A

Yes

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7
Q

What is a s 303 request?

A

A request the shareholders give to the directors to force them to call a GM

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8
Q

What is the deadline to call a general meeting after the shareholders serve a s303 notice?

A

21 days

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9
Q

What type of resolution is required to give directors authority to allot new shares?

A

Ordinary

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10
Q

What type of resolution is required to disapply pre-emption rights?

A

Special

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11
Q

What type of resolution is required to amend the articles?

A

Special

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12
Q

Is there a limit on authorised share capital for a company incorporated under CA 2006?

A

No

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13
Q

When do you not need to disapply pre

A

If you’re happy for them to apply

If there are already special provisions in the articles

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14
Q

What is the deadline for a company to pay its tax liability to HMRC?

A

9mo and 1 day

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15
Q

What capital allowance deductions are allowed to be deducted from income for corporation tax?

A

Plant and machinery 18% deduction on value each year

Plant and machinery 100% on new/refurbished up to 1million for any qualifying purchase each year

There are other deductions available like renovations etc, but they are ‘beyond the scope of materials’ and not considered in the MCQs

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16
Q

Does interest paid on loans count as deductible expenditure for corporation tax income?

A

Yes

17
Q

Does renting property count as deductible expenditure for income tax purposes?

A

Yes

18
Q

Do renovations count as deductible income expenditure?

A

No

19
Q

What is reduced when applying roll-over relief? What is the gain ‘rolled into”?

A

The acquisition cost of the new asset it reduced by the amount of the gain

20
Q

What is the difference between the full-expensing capital allowance and the annual capital allowance?

A

Full expensing is a special allowance applying between 1 April 2023 and 31 March 2026 that allows 100% expenditure on plant and machinery to be deducted WITHOUT A CAP

The only difference from the normal annual expenditure allowance is that annual expenditure is capped at 1 million and the full-expensing is basically a temporary economic boost attempt in place with no cap