Chapter 11 - 2.1 - Pro Forma

Question 1

What is miscellaneous income?

Answer 1

Any income not taxable under any other heading

Question 2

Although dividends are exempt for the purposes of the exam, what do we need to know about them?

Answer 2

• they may have an impact on the rate of corporation tax or the payment dates for corporation tax
• they are not allowable deductions from profit

Question 3

What can we less?

Answer 3

Qualifying Charitable Donations (QCDs)