Employment Income (FA2015) Flashcards
1
Q
What is the difference between employment and self-employment?
A
Employed have a contract OF service
Self-Employed have a contract FOR services
2
Q
When are earnings taxed?
A
Earlier of Date of Receipt or Employee became entitled to receipt.
3
Q
What are the rules for allowable employment income expenses?
A
The expense must be WHOLLY, EXCLUSIVELY AND NECESSARILY in the course of the performance of duties.
4
Q
What are common allowable expenses?
A
Subscriptions Payroll / Giving as you earn Contribution to pension Business travel Subsistence
5
Q
What are HMRC approved mileage allowance payments?
A
10,000 (45p)
subsequent miles (25p)
Motor cyclyes (24p)
Bicycles (20p)
