Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

TX Accumulated Knowledge > E (Self-Assessment) > Flashcards

E (Self-Assessment) Flashcards

1
Q

When must a company file its return? (late rof)

A

12 months after the end of the accounting period

3 months after the date on which the notice requiring the return is served.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

When can companies amend returns?

A

At any time within 12 months of the filing date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

When can HMRC correct obvious errors?

A

Within 9 months of the actual (as opposed to the prescribed) filing date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

How long must companies retain records supporting the tax return?

A

Until the sixth anniversary of the relevant filing date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

If no return is filed?

A

HMRC can issue a determination of the self-assessment and the tax payabl

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

If HMRC requests an additional return before the sixth anniversary?

A

The time limit is extended until either the compliance check is completed or the time limit allowing HMRC to start such an enquiry has expired

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is defined as a small company?

A

Below the threshold of £1.5m

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Number of instalments for accounting period 9 < period <= 12?

A

4

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Number of instalments for accounting period 6 < period <= 9?

A

3

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Number of instalments for accounting period 3 < period <= 6?

A

2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Number of instalments for accounting period less than 3 months?

A

1

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

When do alrge companies escape quarterly settlement?

A

Profits for the relevant accounting period do not exceed £10 million

It was not a large company in the previous accounting period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Late submission for corporation tax return (up to 3 months)

A

£100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Late submission for corporation tax return (more than 3 but less than 6)

A

£200

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Late submission for corporation tax return (more than 6 but less than 12)

A

£200 + 10% of any unpaid tax for the relevant accounting period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Late submission for corporation tax return (12+)

A

£200 + 20% of any unpaid tax for the relevant accounting period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Failure to retain tax records maximum penalty?

A

Up to £3000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Which months do large companies pay their corporation tax liability in instalments?

A

Months 7, 10, 13 and 16

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Corporation tax self-assesment tax return deadline for 31 March 2024?

A

Must be submitted by 31 March 2025

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

When is payment of corporation tax liability for the year to 31 August 2023?

A

1 June 2024

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

When is payment of corporation tax for four month-period ended 31 December 2023?

A

1 October 2024

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

When is a large company not required to make quarterly payments?

A

In the first year that it is large

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Failure to retain records results in a penalty?

A

Of up to £3000 per accounting period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

How long must a corporation retain records for preparing a self-assessment corporation tax return?

A

31 March 2030

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

When must HMRC give written notice before commencing a compliance check?

A

Within 12 months of the 31 January, 30 April, 31 July or 31 October following the actual filing date of the tax return to HMRC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

First corporation tax quarterly payment date?

A

6 and a half months after start of current accounting period. Then every 3 months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Last corporation tax quarterly payment date?

A

3 and a half months after the end of current accounting period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Submission returns for CT 600 time frame?

A

12 months after the end of the accounting period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What is the corporation tax liability payment deadline?

A

9 months and 1 day after tne end of the accounting period (e.g. 1 January 2025)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

When are no quarterly payments required?

A

Augmented profits are less than £10 million

Not large in previous year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Quarter days for compliance checks?

A

31 January

30 April

31 July

31 October

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

ISA amount?

A

£20000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Financial year runs from?

A

1 April to 31 March

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Is double taxation allowed/

A

NO

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Upper tier tribunal is for?

A

More complex cases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

What does GAAR attempt to do?

A

Counteract tax advantages arising from tax arrangements that are considered particularly abusive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

What are statements of practice?

A

Issued by HMRC to assist in interpreting the meaning and application of the statute law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

What are extra-statutory concessions?

A

Provisions for the relaxation of the strict application of the law where it would lead to anomalies or hardship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

What does HMRC do?

A

Tax returns, compliance checks and penalties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Income tax characteristics?

A

Direct revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Corporation tax characteristics?

A

Direct both

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

CGT characteristics?

A

Direct capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

IHT characteristics?

A

Direct capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

VAT characteristics?

A

Indirect neither

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

NIC characteristics?

A

Direct revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

When there’s suspicisons in taxing practice?

A

Accountant must first make client change it. If they don’t, cease to act and report them to HMRC (but don’t tell them)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Penalty for filing a corporation taxation penalty for year ended 31 December 2023 on 31 August 2025?

A

Fixed penalty + (10% of tax due)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Where does loss relief in corporation tax liability come from?

A

The trading loss figure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Is loss relief done before QCDs?

A

YES, but just for carry forward

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

How is SBA treated in the main computation?

A

The exact same way as capital allowances

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Loss for a full period then a seven month period before that?

A

Full relief, then relief * 5/12

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

How to calculate CGT saved?

A

AEA + BRB

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

When is a deferred gain in a depreciating asset realised?

A

Sale
Ceasing
Ten-year aniversary

STC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

Difference in QCDs between carry forward, carry back and current year?

A

Current year and carry back QCDs can’t be prevented unrelieved

Carry forward can prevent this

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

What reliefs are available for a group?

A

Carry back
Current year
Carry forward

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

Claim for BADR date?

A

31 january 2026

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Claim for investor’s relief date?

A

31 January 2026

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

Claim for rollover relief date?

A

5 April 2028

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

Loss relief (individual) date?

A

31 January 2026

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Carry forward loss relief (individual) date?

A

5 April 2028

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Terminal loss relief (individual) date?

A

5 April 2028, done on LIFO basis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

Early trade loss relief (individual) date?

A

31 January 2026, FIFO basis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

Current period and carry back loss relief (company) date?

A

Within two years of the end of the accounting period

64
Q

Carry forward relief (company) date?

A

Within two years of the end of the accounting period in which loss is relieved

65
Q

What happens to VAT on capital allowances?

A

It is deducted

66
Q

Child benefit income tax charge starting amount?

A

£1248 * 1% * benefit

67
Q

Where is the main distinciton in section C 10 mark questions?

A

Between dividends and director’s renumeration

68
Q

Are dividends relevant in a corporation tax working?

A

No

69
Q

What happens with employer’s NIC in a corporation tax working?

A

Deducted

70
Q

Class 1A due date?

A

22 July 2024

71
Q

P11D due date?

A

6 July 2024

72
Q

When is indexation not allowable?

A

If it increases a capital loss

73
Q

What happens with property business loss (company)?

A

Carried forward and relieved against total profits same way as a trading loss

74
Q

First consideration of CGT?

A

An individual should make use of AEA. If AEA is already used, it may be better to use gain in another year

75
Q

Second consideration of CGT (rate)

A

Rate of tax in relation to individual’s taxable income. Gains should be made to individual who has lowest amount of taxable amount

76
Q

Third consideraiton of CGT?

A

Timing of payment of CGT. May be better to make a gain early in a tax year tather than late in tax year to give longest gap between receiving proceeds and paying the tax due

77
Q

Loss relief against total income (individual) date?

A

31 January 2026

78
Q

Carry forward loss relief is done against and date (individual)?

A

Trading profit, for 5 April 2028

79
Q

Calculate balancing payment in annual accounting?

A

Net VAT liability for current year - (payment on account * 9)

80
Q

Deemed occupation (classified as exempt) for working away from home

A

Period not exceeding four years

81
Q

Letting relief?

A

Lower of:
PRR
Attributable to letting (non-PRR)
£40000

82
Q

Deemed occupation (classified as exempt) for being employed abroad?

A

Period where employed abroad

83
Q

Deemed occupation (classified as exempt) for any reason apart from working away from home or being employed?

A

Period not exceeding three years

84
Q

What happens with non-trade interest in TTP?

A

Added in TTP, not deducted

85
Q

Dividends received from UK companies in TTP?

A

Deducted in TTP

86
Q

Lifetime tax on CLT payment made between 6 April and 30 September date?

A

Payment date of 30 April following the end of the tax year

87
Q

Death tax on IHT payable on death estate date?

A

Due within 6 months of the end of the month of death

88
Q

Dividends received in corporation tax computatuin?

A

Deducted in the working

89
Q

Loan for machine (trade or non-trade)

A

Trade

90
Q

Loan for running the business (trade or non-trade)

A

Trade

91
Q

Loan for purchase a warehouse (trade or non-trade)

A

Trade

92
Q

Loan for purchase a property to be let out (trade or non-trade)

A

Non-trade

93
Q

Loan to buy shares in another company (trade or non-trade)

A

Non-trade

94
Q

Time limit for a claim on a nil rate band?

A

Two years

95
Q

Can chargeable gains be included in profit for group relief?

A

Yes, but not for loss

96
Q

How can a capital loss be treated?

A

Set off against chargeable gains for current year or carried forward indefinitely to next chargeable gains

97
Q

Are building costs of extension included in capital allowances?

A

NO

98
Q

Are refrigerator and microwave cooker costs included in capital allowances?

A

NO

99
Q

What is group relief against?

A

Taxable total profits after QCD

100
Q

Group relief against claimant company (the company that owns)

A

The profit (includes QCD), not losses

101
Q

Is loss relief done before QCD?

A

Yes, group is relief is done after QCD

102
Q

Is group relief done after QCD?

A

Yes

103
Q

What determines the capital allowances time frame?

A

The length of the accounting period

104
Q

When is there no excess QCD to surrender?

A

When QCD doesn’t exceed total profits

105
Q

Are trading losses brought forward included in the calculation for group relief?

A

NO

106
Q

PAYE date for tax month 6th June to 5th July (electronically)

A

22nd July

107
Q

PAYE date for tax month 6th June to 5th July (cheque)

A

19th July

108
Q

If an employer’s monthly average is less than £1500?

A

They can pay quarterly on 5 January, 5 April, 5 July, 5 October

109
Q

Can loss relief for an individual be used against chargeable gains?

A

Yes

110
Q

When question says earliest claim(s) to set his individual trading loss against total income

A

Do first year

111
Q

When question says claim relief as soon as possible?

A

Do year of loss

112
Q

When question says claim maximum loss relief as soon as possible

A

Claim against previous year if the profits are larger than current year

113
Q

Which loss relief is not available to a partner when they leave a partnership?

A

Carry forward for set off against future profits

114
Q

If a part of a home is exclusively for business purposes (CGT)?

A

There will be some CGT to pay

115
Q

Supplies between companies in a VAT group?

A

Would be disregarded for VAT purposes

116
Q

Supplies from a subsidiary to outside VAT group treatment?

A

As a supply to the parent

117
Q

What does tax point determine in terms of input and output?

A

When output tax must be accounted for and credit for input tax will be allowed

118
Q

What figures are used in home entertainment system?

A

Benefit for use in current year

Benefit in acquistion

Both figures are positive

119
Q

Is class 1 NIC liability part of a corporation tax liability?

A

YES

120
Q

WHat taxes need to be looked out for when calculating a tax beneficial question in a 10 mark?

A

Corporation tax liability

NIC

Income tax liability

121
Q

NIC for a limited company in a 10 mark question?

A

Use the 13.8% rate

122
Q

How are employer’s contributions treated in corporation tax computation?

A

Deducted

123
Q

Is corporation tax included in renumeration only?

A

NO

124
Q

Relevant earnings for pensions relate to?

A

Contributions to peqrsonal pension schemes and to occupartional pension schemes

125
Q

When tax-relievable pension contruibutions exceed annual allowance?

A

There is a charge to income tax

126
Q

What taxes are premium ponds exempt from?

A

Income and capital gains tax

127
Q

What taxes are government securities exempt from?

A

Capital gains tax

128
Q

Does spouse exemption apply to capital gains tax?

A

No, but does apply to inheritance tax

129
Q

When is 10% CGT calculated after?

A

Deduction of allowable losses

130
Q

Benefit for delaying sale of shares in capital gains?

A

The tax liability would be due later resulting in a cash flow benefit

131
Q

Which inheritance tax is paid by the trustees?

A

Six months after the end of the month in which the donor died

132
Q

Which inheritance tax is paid paid by Percy?

A

Six months from the end of the month in which the gift was made

133
Q

Does skipping a generation change IHT on the estate?

A

NO

134
Q

Does goodwill qualify for rollover relief for a company?

A

NO

135
Q

When partnership leaves flat rate scheme?

A

It can’t rejoin for another 12 months

136
Q

If client refuses to register for VAT?

A

Cease acting for client and report under money laaundering regulations

137
Q

Refund on VAT for a photocopy hire in 31 March 2024?

A

Four year time limit

£18 * 51 months

138
Q

What is not a statutorial legislation?

A

HMRC Statement of Practice 1

139
Q

Interest received on a repayment of income tax exempt for income tax?

A

Yes

140
Q

Dividends received from an ISA for income tax?

A

Yes

141
Q

Loss relief not available for chargeable gains?

A

Carry forward losses set off against future losses

142
Q

Legal fees for a private matter (allowable/disallowable)?

A

DIsallowable

143
Q

Does a delivery van qualify for AIA?

A

YES

144
Q

When spouse transfers their personal allowance?

A

Usually 1260 * 20%

145
Q

When private use element of fuel is reimbursed?

A

Output: Input VAT * private use %
Input: Input VAT

146
Q

Does a lorry qualify for AIA?

A

YES

147
Q

When is a lease premium deducted?

A

When a trader has paid a premium for granting a short lease, otherwise it is added to property income

148
Q

When can transfer of PA to wife be done?

A

Provided wife is a basic rate taxpayer

149
Q

When must trading loss for invidiual for setting off against chargeable gains done?

A

After deducting current year capital losses, but not before unrelieved capital losses

150
Q

Loan interest not made for trading purposes and corproation tax?

A

Not included in corporation tax working

151
Q

When a company has straight forward accounts?

A

Could use software provided by HMRC. If complex, use iXBRL

152
Q

When parent receives dividends from sub?

A

It is exempt income

153
Q

Interest free loan of £84000 calculation?

A

£84000 * 2.25% * time-apportion

154
Q

When is group relief deducted?

A

AFTER FUCKING QCD

155
Q

When is class 2 NIC collected?

A

On 31 January

TX Accumulated Knowledge (35 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions