Benefits, expenses, income etc Flashcards
maintenance and redecoration?
allowable
salary to sole trader or partner
disallowable
class 2 nic’s and 4 nic’s personal pension contributions etc
disallowable
increase in a general provision
disallowable
bad debts
allowable
loan to former employee written off
disallowable
gift of trade samples
allowable
gifts to customer- food, drink, tobacco, vouchers exchangebel for goods
disallowable
gifts to cusomters, more than 50£
disallowable
donation to national charities
disallowable
donation to local charities in exchange for advertisement
allowable
gifts of trading stock/p & m to charities and schools
allowable
subscriptions to trade and prfoessional assocs
allowable
fines and penalties
disallowable- unless paking fine by employee
interest paid on money borrowed for business purposes
allowable
interest on late payment of tax
disallowable
legal and prfoessional fees relating to hmrc enquiry
disallowable
legal fees associated with acquiring capital assests
disallowable
legal for renewal of lease
allow
cost for patents/copy wright
allow
cost of raising long term finance
allow
car lease- when is it allowable and disallowable, after april 18 and before april 18
15% disallowable if over 110 after 18, if over 130 before
benefit cost of vouchers that can be exchanged for goods
cost to employer
benefit cost of cash vouchers
sum of money it can be exchanged for
if living accom is rented by the employer
higher of annual val and rent costs
cost of the accom is made up of?
cost when bought plus any expenditure on capital improvements from BEFORE the tax year started
if the property was acquired more than 6 years ago?
use market val when it was first provided plus only SUBSEQUENT improvements
bills rleated to living accom?
cost to employer
pool cars
no benefit
car accesseories
any original accessories added plus any since which are over 100
what is cost of car
LIST PRICE
if an employee makes a partial contirb to fuel?
no deduction for this- treat as if employer provides the whole thing
vans with private use from home to work?
no benefit
vans with 0 co2 emissions?
2792- in tax tables!
assets for private use?
higher of 20% of the market value of the asset when first provided to the employee or the rent that the employer pays
in house benefits
marginal cost
other ebenfits not elsewhere covered?
cost to employer
pension scheme contributions
exempt
a trivial benefit
a benefit of less than 50, cap of 300 for some directos
pension and tax planning advice up to 500
exempt
one mobile phone
exempt
staff party which is not an annual event
taxable
annual social events
up to 150 exempt- if they go over this, the whole amount is taxable, not just the amoun in excess of 150
non cash girsts from third parties
exempt- up to 250 per tax year from same donor
staff suggestion schemes
awards of up to 500 exempt
sports/recreation available to employees but not public
exempt
childcare run at employers
exempt
anyone in a childcare scheme before april 2011?
55 a week is exempt
childcare after april 2011?
55 a week for basic
28 for higher
25 for additional
costs of working from home
6- without supporting evidence- above this needs supporting evidence
telephone calls home while away/other personal incidental expenses
5 per night in the uk, 10 per night abroad. if it esceeds this, the whole lot is taxable not just the excess
removal expenses when moving
up to 8000
1 medical check up
exempt
medical tratement to assist with return to work
up to 500
interest on gov securities ie gilts, exchequer stock, treasury stock
not exempt
