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POT > Benefits, expenses, income etc > Flashcards

Benefits, expenses, income etc Flashcards

1
Q

maintenance and redecoration?

A

allowable

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2
Q

salary to sole trader or partner

A

disallowable

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3
Q

class 2 nic’s and 4 nic’s personal pension contributions etc

A

disallowable

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4
Q

increase in a general provision

A

disallowable

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5
Q

bad debts

A

allowable

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6
Q

loan to former employee written off

A

disallowable

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7
Q

gift of trade samples

A

allowable

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8
Q

gifts to customer- food, drink, tobacco, vouchers exchangebel for goods

A

disallowable

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9
Q

gifts to cusomters, more than 50£

A

disallowable

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10
Q

donation to national charities

A

disallowable

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11
Q

donation to local charities in exchange for advertisement

A

allowable

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12
Q

gifts of trading stock/p & m to charities and schools

A

allowable

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13
Q

subscriptions to trade and prfoessional assocs

A

allowable

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14
Q

fines and penalties

A

disallowable- unless paking fine by employee

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15
Q

interest paid on money borrowed for business purposes

A

allowable

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16
Q

interest on late payment of tax

A

disallowable

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17
Q

legal and prfoessional fees relating to hmrc enquiry

A

disallowable

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18
Q

legal fees associated with acquiring capital assests

A

disallowable

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19
Q

legal for renewal of lease

A

allow

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20
Q

cost for patents/copy wright

A

allow

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21
Q

cost of raising long term finance

A

allow

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22
Q

car lease- when is it allowable and disallowable, after april 18 and before april 18

A

15% disallowable if over 110 after 18, if over 130 before

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23
Q

benefit cost of vouchers that can be exchanged for goods

A

cost to employer

24
Q

benefit cost of cash vouchers

A

sum of money it can be exchanged for

25
Q

if living accom is rented by the employer

A

higher of annual val and rent costs

26
Q

cost of the accom is made up of?

A

cost when bought plus any expenditure on capital improvements from BEFORE the tax year started

27
Q

if the property was acquired more than 6 years ago?

A

use market val when it was first provided plus only SUBSEQUENT improvements

28
Q

bills rleated to living accom?

A

cost to employer

29
Q

pool cars

A

no benefit

30
Q

car accesseories

A

any original accessories added plus any since which are over 100

31
Q

what is cost of car

A

LIST PRICE

32
Q

if an employee makes a partial contirb to fuel?

A

no deduction for this- treat as if employer provides the whole thing

33
Q

vans with private use from home to work?

A

no benefit

34
Q

vans with 0 co2 emissions?

A

2792- in tax tables!

35
Q

assets for private use?

A

higher of 20% of the market value of the asset when first provided to the employee or the rent that the employer pays

36
Q

in house benefits

A

marginal cost

37
Q

other ebenfits not elsewhere covered?

A

cost to employer

38
Q

pension scheme contributions

A

exempt

39
Q

a trivial benefit

A

a benefit of less than 50, cap of 300 for some directos

40
Q

pension and tax planning advice up to 500

A

exempt

41
Q

one mobile phone

A

exempt

42
Q

staff party which is not an annual event

A

taxable

43
Q

annual social events

A

up to 150 exempt- if they go over this, the whole amount is taxable, not just the amoun in excess of 150

44
Q

non cash girsts from third parties

A

exempt- up to 250 per tax year from same donor

45
Q

staff suggestion schemes

A

awards of up to 500 exempt

46
Q

sports/recreation available to employees but not public

A

exempt

47
Q

childcare run at employers

A

exempt

48
Q

anyone in a childcare scheme before april 2011?

A

55 a week is exempt

49
Q

childcare after april 2011?

A

55 a week for basic
28 for higher
25 for additional

50
Q

costs of working from home

A

6- without supporting evidence- above this needs supporting evidence

51
Q

telephone calls home while away/other personal incidental expenses

A

5 per night in the uk, 10 per night abroad. if it esceeds this, the whole lot is taxable not just the excess

52
Q

removal expenses when moving

A

up to 8000

53
Q

1 medical check up

A

exempt

54
Q

medical tratement to assist with return to work

A

up to 500

55
Q

interest on gov securities ie gilts, exchequer stock, treasury stock

A

not exempt

POT (7 decks)

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